KUALA LUMPUR: CIMB Equities Research said IJM Corp’s annualised 1QFY3/11 core net profit made 95% of its forecast and 88% of consensus.

It said on Thursday, Aug 26 the performance was broadly in line as subsequent quarters should be stronger. The construction division remained the weakest link as major contracts had been completed in FY10 and new jobs have yet to kick off in a big way.

The margin for earnings before interest and tax (EBIT) ticked up 6.6 percentage points on-year, driven by plantations, industries and property.

CIMB Research said IJM remains optimistic that it can top up its order book by RM2 billion by end-2010.

“We think this is achievable and make no changes to our forecast, Outperform call or RM6.65 RNAV-based target price. The main potential re-rating catalyst is project awards,” it said.