"Caretaker Prime Minister Datuk Seri Ismail Sabri Yaakob announced last Thursday that the toll rates for the Sungai Besi Expressway or Besraya (wholly-owned by IJM) and the Kajang-Seremban Highway or Lekas (50%-owned by IJM) will be reduced from Jan 1, 2023. However, while PublicInvest Research maintained its TP of RM1.92, Kenanga Research lowered its TP to RM1.67 from RM1.75, as it reduced its valuations of IJM's toll roads to reflect uncertainties arising from any potential restructuring exercises. Meanwhile, Kenanga Research maintained its "market perform" call, while PublicInvest Research kept its "neutral" rating. We maintain our earnings forecasts, in which we have imputed RM2 billion job wins in FY2023," he added. "Assuming an 8% pre-tax margin for these two jobs, we estimate a RM39 million net profit (or 1.1 sen earnings per share) contribution into FY2027. "IJM’s strong balance sheet (0.26 times net gearing) puts it in a position of strength for major order book replenishment and in driving long-term growth," he said. Meanwhile, Maybank IB's Wong Chew Hann said the new job wins had already been imputed into the research house's forecasts. Key catalysts include the Mass Rapid Transit 3 (MRT3) news flow and contract wins," he said, adding that risks include significant policy changes after the polls, prolonged elevation of material prices, and continued shortages of labour. ![]() "Our base-case scenario assumes no significant changes in policies post general election. He said the TP is based on an unchanged 30% discount to its sum-of-parts value of RM2.81, and that at 0.56 times price-to-book value ratio, the stock offers investors inexpensive exposure to megaprojects. ![]() The contract win falls within our replenishment assumption of RM3 billion for FY2023, a figure aligned with the management’s guidance," said HLIB analyst Edwin Woo. This brings IJM’s outstanding order book to approximately RM4.6 billion (+17%), translating into a decent 3.1 times cover (on construction revenue for the financial year ended Maor FY2022). "Adjusting for IJM’s effective stake in the hospital project, total contract wins amount to RM649.4 million. Hong Leong Investment Bank Bhd (HLIB) and Maybank Investment Bank Bhd (Maybank IB) both maintained their "buy" calls on the stock, as well as their target prices or TPs of RM1.96 (HLIB) and RM2.14 (Maybank IB). The method includes receiving a chord selection including a musical key and a scale selection, generating, within a digital audio work session, a chord progression sequence based on the received chord selection, in response to a detected chord selection change, modifying the chord progression sequence to include a chord progression corresponding to the chord selection change, setting the chord progression sequence as a master sequence, in response to detecting a second progression sequence within the digital audio work session, transmitting an identifier to the second progression sequence setting it as a slave sequence, and establishing a synchronized communication link between the master and the slave sequences such that changes made in the master sequence are automatically effectuated in the slave sequence, and combining the master sequence and the slave sequence to form a composed musical piece.KUALA LUMPUR (Oct 19): Analysts were mixed after IJM Corp Bhd was awarded two construction projects in Klang and Shah Alam respectively that amounted to almost RM1 billion on Tuesday (Oct 18). Abstract: An apparatus, method, and computer-readable storage medium that generate a harmonized musical piece.
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