As at 10.41am, IJM’s shares slid 21 sen to RM2.91, with 13.09 million shares changing hands.

At 1.26pm, it declined further by 23 sen or 7.37% at RM2.89, giving the group a market capitalisation of RM10.54 billion.

IJM’s net profit fell 13.68% to RM86.88 million in the first quarter ended June 30, 2024 (Q1 FY2025) against RM100.64 million a year ago.

However, its revenue increased by 14.6% to RM1.4 billion during the quarter from RM1.23 billion previously.

RHB Investment Bank Bhd has revised downward IJM’s full year earnings for fiscal 2025 to 2027 by 3%, 4%, and 4%, respectively, as it imputes more conservative estimates for IJM’s property segment.

“We also roll forward our valuation base year to FY2026 from FY2025.

“As a net result, we arrive at a new SOP-derived target price (TP) of RM4.39 from RM4.34,” it said in a note.

RHB Investment Bank (RHB IB) said it maintained its “buy” rating on IJM despite the construction company’s Q1 FY2025 core profit of RM98 million missing expectations.

Meanwhile, Public Investment Bank Bhd (PIBB) said IJM is well-positioned for an improved performance in FY2025 driven by its current orderbook and the anticipation of further job wins underpinned by infrastructure spending and opportunities in data centre and industrial property sectors.

IJM’s cumulative year-to-date new wins amounted to RM1.9 billion, representing 37.1% of its FY2025 orderbook replenishment target of RM5 billion.

“We remain upbeat on IJM, as we believe that its earnings growth will be supported by a positive outlook across all business divisions, especially the construction segment.

“We maintain our earnings forecast and our outperform call on IJM with an unchanged TP of RM4.20,” it added.