Downgrade to Hold. IJM's RM359m 9MFY12 core net profit (+36% YoY) is in
line, at 77% of our full-year core net profit forecast of RM466m. The
share price has outperformed, up 8% since we upgraded the stock to a Buy
on 27 Jan 2012. With the share price nearing our RNAV-based target
price of RM6.20, we now reduce the stock to a Hold. We believe much of
the recent KVMRT job win and WCE concession potential has already been
priced in.
Maybank Research 23 Feb 2012
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