KUALA LUMPUR: IJM Corp shares fell in early trade on Monday, Nov 15, down as much as 29 sen in thin trade in the absence of negative news.
At 9.26am, IJM was down 29 sen to RM5.21 with 700 shares done.
The FBM KLCI lost 1.7 points to 1,498.11. Turnover was 105.19 million shares valued at RM86.94 million. There were 159 gainers, 162 losers and 148 stocks unchanged.
On Nov 10, OSK Research had raised the target price (TP) to RM5.55 but maintained its NEUTRAL call.
'As IJM's job wins so far going into FY11 are still within our replenishment target, we make no changes to our estimates.
'Our sum-of-parts based TP has, however, been raised to RM5.55 premised on: (i) increasing our CONSTRUCTION [] earnings multiplier to 16 times from 14 times, in line with our forward PER target for the KLCI; and (ii) marking to market its stake in IJM Land. Given IJM's diversified business, its earnings are the least leveraged to new contract wins,' the research house said.
At 9.26am, IJM was down 29 sen to RM5.21 with 700 shares done.
The FBM KLCI lost 1.7 points to 1,498.11. Turnover was 105.19 million shares valued at RM86.94 million. There were 159 gainers, 162 losers and 148 stocks unchanged.
On Nov 10, OSK Research had raised the target price (TP) to RM5.55 but maintained its NEUTRAL call.
'As IJM's job wins so far going into FY11 are still within our replenishment target, we make no changes to our estimates.
'Our sum-of-parts based TP has, however, been raised to RM5.55 premised on: (i) increasing our CONSTRUCTION [] earnings multiplier to 16 times from 14 times, in line with our forward PER target for the KLCI; and (ii) marking to market its stake in IJM Land. Given IJM's diversified business, its earnings are the least leveraged to new contract wins,' the research house said.
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