Upgrade to Buy. Two major pieces of news today - MRT job win
and WCE concession win by Kumpulan Europlus - are positive for IJM, in
terms of order book enhancement. However, we retain our earnings
forecasts and RNAV-based target price pending details. Share price has
come off since our last update and at current levels, the stock offers a
14% upside to our target. We upgrade our call to a Buy.
Maybank research (27 January 2012)
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