PETALING JAYA: IJM Corp Bhd
, Gamuda Bhd and Malayan Cement Bhd, an indirect subsidiary of YTL Corp Bhd, are CIMB Research’s top picks as beneficiaries of the KLIA Aeropolis and Selangor Aero Park (SAP) projects.
The research house has “buy” calls for all three stocks, with a target price (TP) of RM2.95 for IJM Corp, said to be exploring the feasibility of developing sustainable road infrastructure (for example, new links to Kuala Lumpur International Airport or KLIA) and food security hubs (at Carey Island) in South Selangor.
Additionally, it has a TP of RM6.20 for Gamuda based on the company’s largest property project, Gamuda Cove, a 25-minute drive from KLIA Aeropolis with remaining gross development value of RM20bil.
Furthermore, it added that Malayan Cement, with a TP of RM9, “is set to gain from multi-year order flows from this massive project”.
Both the KLIA Aeropolis and its key component, the SAP have been identified as catalytic projects under the second Selangor growth plan to be tabled in the state assembly soon, and anticipated to focus on energy, water and food security.
