2010/07/12 1:20:13 PM
●庄学勤博士
由于美国和欧洲最近公布的数据显示，预计全球经济将再度放缓，尤其是在今年下半年，放缓几率更是大大提高。
身为全球经济的一份子，我国同样的隐忧，即下半年的经济可能会放缓。因此，为支撑国内的经济活动及抵销全球经济缓慢复苏的可能性，政府或许需要马上推行开销计划。
换句话说，为了不让经济重新陷入衰退之中，政府必须积极推出为数不少的大型工程发展，而在这些计划的推动下，建筑公司将是未来的得益者。
在这样的大环境下，IJM工程(IJM，3336，主板建筑股）将会是受惠者之一，因为根据过去的记录，它是成功竞标政府工程的常胜军之一。
最近它标获槟城第二大桥配套3B工程，总值3亿4998万令吉，便是一个最好的明证。
IJM工程已经接获第二大桥私人有限公司的通知信，授权兴建Batu Kawan高速公路，包括5.7公里长的双线运送通道和4道桥樑，工程限期31个月。
业绩亮丽
此外，在截至2010年3月31日为止的第四季业绩中，IJM工程也交出亮丽的业绩，它取得1亿1104万令吉的净利，较前期的5334万令吉，增长108%。
至于全年业绩，它则取得3亿3258万令吉净利，较前期的2亿9021万令吉，增长14.59%。它的每股盈利为25.21仙，前期为23.46仙。
它的股价也由今年5月26日的低点4.48令吉的水平，一直攀升至7月7日的4.93令吉水平，在短短一个多月内上涨了约10%，显示市场对IJM工程的信心。
立足大马放眼海外
IJM工程也是一家成功立足马来西亚，并放眼海外的我国公司之一。
IJM工程已经进入印度市场13年，而印度属于一个高度发展的国家，未来将会有数不尽的工程。目前印度正计划在未来5年内兴建13万公里的巨额工程，IJM工程希望获得印度大道计划部分工程合约以打响其在印度的知名度。
根据过去3年的纪录，国内工程占IJM工程55%的工程，而印度占22%、巴基斯坦占9%和其他中东地区占13%。 目前，我国政府已经在第十大马计划规划大型工程将吉隆坡转变为国际大都市，其中包括国际金融区、新街场飞机场再开发、双溪毛糯城镇发展计划，以及吉隆坡轻快铁延伸工程和地铁（MRT）等公共交通工程投资，新工程可能陆续有来。
因此，相信国内工程将继续占IJM工程合约总值的重大比例。
业务多元抗跌力强
IJM工程也在去年公布了它的领导人交替计划。在这项计划下，IJM工程首席执行员兼董事经理拿督陈文成，将于2010年12月卸下职务，而其副手郑健民，则预期将会接替成为该集团的新领导。
今年58岁的陈文成，自1997年开始已经领导IJM工程的一个专业团队。而从1989年加入集团，现年56岁的郑健民，现职为集团副董事经理兼副首席执行员。
由于这是按照计划进行的领导人交替行动，相信对该公司发展不会有影响。更何况，陈文成在退上前线的职务之后，他依然会担任公司的董事职位，继续默默为公司贡献经验。
IJM工程除了以建筑为核心业务之外，它也通过子公司将业务多元化，比如种植和产业发展，这使到它比其他纯建筑公司更具有抗跌能力。
举个例子，尽管在1997/98亚洲金融危机期间，许多公司深受打击，但是IJM工程将继续保持派息能力。当时，建筑业萎缩了约23%，但IJM工程却继续派发每股5仙股息，主要是拜非建筑活动如种植部门的收入所赐。
除了股息派发，IJM工程也展现了迅速恢复订单的能力，这可要归功于它过去执行的工程都拥有良好的记录。
总结
无可否认的，从事建筑业务的公司经常会受到经济循环期的困扰，在好景时盈利大好，建筑低潮时盈利便深受影响。
不过，IJM工程的优势便是业务多元化，在艰辛时刻，其他部门的贡献已协助减缓IJM工程建筑领域低收益的冲击，这使得该公司在经济不景时仍有能力派发股息。
所以，对于希望参与建筑股，但是又期望不要面对经济循环期冲击的投资者而言，IJM工程将是值得他们考虑的股项之一。
Showing posts with label IJM. Show all posts
Showing posts with label IJM. Show all posts
Sunday, July 11, 2010
Tuesday, August 26, 2008
IJM Corp still doing well despite challenging times
Wednesday August 27, 2008
SUBANG JAYA: IJM Corp Bhd is still doing well despite the challenging times in the construction industry, said chief executive officer and managing director Datuk Krishnan Tan.
Continuous focus would be placed on securing overseas jobs to contribute further to the company’s order book, he told reporters after its AGM and EGM yesterday.
The company announced yesterday a net profit of RM129.1mil for its first quarter to June 30, against a loss of RM728.9mil in the same period a year earlier.
Revenue improved to RM1.22bil from RM1.11bil previously, while earnings per share stood at 10.65 sen compared with a loss per share of 89.34 sen.
On the West Coast Expressway project undertaken in a joint venture with Kumpulan Europlus Bhd, Tan said he expected some delays as there was a double-digit increase in the cost of building materials.
IJM has a 25% stake in Europlus.
Tan said that in the Middle East, the company was bidding for two jobs in Bahrain, one in Dubai and two in Abu Dhabi worth more than RM1bil.
Its current order book is estimated at about RM5bil, of which 50% were contracts from India and the Middle East.
On the proposed listing of IJM (India) Infrastructure Ltd (IJMII) on the National Stock Exchange of India. Tan said the company had deferred it but ultimately IJMII would be listed.
“The environment in India, which contributes 30% of our order book, has changed substantially over the last six months to a year due to rising costs.
“Interest rate has also gone up to as high as 13% in India, thus affecting both the cost of doing business and demand from prospective property buyers,” Tan said.
IJM’s expressway project, which starts from Chilkaluripet to Vijayawada in Andhra Pradesh, India, requires a capital expenditure of RM900mil.
Total construction cost is RM550mil and the concession spans 15 years.
“Originally the two-lane road was to be expanded to four lanes.
“Now the Indian authorities want six lanes,” said Tan.
http://biz.thestar.com.my/news/story.asp?file=/2008/8/27/business/1888315&sec=business
SUBANG JAYA: IJM Corp Bhd is still doing well despite the challenging times in the construction industry, said chief executive officer and managing director Datuk Krishnan Tan.
Continuous focus would be placed on securing overseas jobs to contribute further to the company’s order book, he told reporters after its AGM and EGM yesterday.
The company announced yesterday a net profit of RM129.1mil for its first quarter to June 30, against a loss of RM728.9mil in the same period a year earlier.
Revenue improved to RM1.22bil from RM1.11bil previously, while earnings per share stood at 10.65 sen compared with a loss per share of 89.34 sen.
On the West Coast Expressway project undertaken in a joint venture with Kumpulan Europlus Bhd, Tan said he expected some delays as there was a double-digit increase in the cost of building materials.
IJM has a 25% stake in Europlus.
Tan said that in the Middle East, the company was bidding for two jobs in Bahrain, one in Dubai and two in Abu Dhabi worth more than RM1bil.
Its current order book is estimated at about RM5bil, of which 50% were contracts from India and the Middle East.
On the proposed listing of IJM (India) Infrastructure Ltd (IJMII) on the National Stock Exchange of India. Tan said the company had deferred it but ultimately IJMII would be listed.
“The environment in India, which contributes 30% of our order book, has changed substantially over the last six months to a year due to rising costs.
“Interest rate has also gone up to as high as 13% in India, thus affecting both the cost of doing business and demand from prospective property buyers,” Tan said.
IJM’s expressway project, which starts from Chilkaluripet to Vijayawada in Andhra Pradesh, India, requires a capital expenditure of RM900mil.
Total construction cost is RM550mil and the concession spans 15 years.
“Originally the two-lane road was to be expanded to four lanes.
“Now the Indian authorities want six lanes,” said Tan.
http://biz.thestar.com.my/news/story.asp?file=/2008/8/27/business/1888315&sec=business
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