KUALA LUMPUR: OSK Research said IJM Corp recently received the approval in-principle for the New Pantai Expressway extension while its associate, Kumpulan Euro, got the go-ahead for the West Coast Expressway.
The research house estimated on Thursday, April 7 that these two highway jobs would boost IJM's orderbook by 65%-70%. IJM has also tendered for the LRT Package B and will be bidding for the MRT elevated portion.
'Despite these positives, there may be a RM70m provision in 4Q which would cut our FY11 earnings by 16%. We raise our FY12-13 earnings by 1-3% but maintain our NEUTRAL rating,' it said.
The research house estimated on Thursday, April 7 that these two highway jobs would boost IJM's orderbook by 65%-70%. IJM has also tendered for the LRT Package B and will be bidding for the MRT elevated portion.
'Despite these positives, there may be a RM70m provision in 4Q which would cut our FY11 earnings by 16%. We raise our FY12-13 earnings by 1-3% but maintain our NEUTRAL rating,' it said.
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