OSK Research ups TP for IJM Corp to RM6.60

KUALA LUMPUR: OSK Research has raised its target price for IJM Corp to RM6.60 (from RM6.31 previously) after the company last Friday announced that it had won a RM461 million contract for Phase 3 of the Platinum Park development by Naza TTDI.

“Its job wins so far into FY11, totaling RM1.84 billion, have beaten our RM1.5 billion target. Potential jobs in the pipeline include high-rise buildings in KL, Kelau Dam, West Coast Expressway and LRT packages.

“We keep our FY11 earnings unchanged but raise the numbers for FY12-13 by 1%-6%. Maintain Neutral call on IJM given the limited 5.2% upside.(theedgemalaysia.com)