IJM Corp 1H results below forecast, CGS-CIMB Research says

“Maintain a Hold recommendation as we continue to foresee limited near-term potential catalysts. ECRL contract wins are a key upside risk to our call. Weaker earnings are a key downside risk,” CGS-CIMB Research said.

KUALA LUMPUR: IJM Corporation Bhd’s 1HFY3/20 results were below expectations, weighed by sustained associates’ losses and slow billings for new contracts, CGS-CIMB Equities Research said.

The research house said on Wednesday 1HFY20 core net profit grew strongly at 31.2% yoy but accounted for 37% of itsand 38% of consensus full-year forecasts.