A takeover offer for IJM has sparked a public fight over what the business is really worth, with one camp saying the bid is fair and others saying it badly undervalues the company. Dig into what drives IJM’s earnings and asset base across construction, property, tolls, and ports—and the one accounting area that could still change the story.Read more

RM 1.77

29.4% overvalued

ValueInvestingSubstack's

Fair Value

Revenue

10.22% p.a.

Profit Margin

4.5%

Future PE

23.7x

Price in 2031

RM 3.37

IJM Corporation Berhad

IJM Corporation: FY2026 reset year; stronger operating base points to better FY2027 delivery

IJM’s latest results look ugly on the surface, but much of the pain comes from one-off setbacks rather than weaker day-to-day business. With construction activity picking up, a large pipeline of contracted work, and demand tied to infrastructure and data centres, the case now hinges on whether those unusual hits fade and the core business shows through.Read more

RM 3.2

28.4% undervalued

Hunter_Z's

Fair Value

Revenue

23.04% p.a.

Profit Margin

4.5%

Future PE

24.62x

Price in 2031

RM 6.06

IJM Corporation Berhad

IJM Corp: Has the market become too pessimistic on this blue-chip builder?

IJM Corporation Berhad now looks like one of those large-cap names where the market price may be telling a much weaker story than the underlying business. After Sunway’s takeover attempt lapsed, IJM’s share price fell back toward its pre-offer range, with the stock recently around RM2.31 to RM2.36.Read more

RM 2.7

15.2% undervalued

FA_Trader's

Fair Value

Revenue

13% p.a.

Profit Margin

4.5%

Future PE

27.03x

Price in 2031

RM 4.35

Trending Discussion

Snowflake Analysis

Good value with reasonable growth potential.

2 Risks

3 Rewards

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IJM Corporation Berhad Key Details

Last Reported Earnings

Mar 31, 2026

Next Reporting Earnings

Aug 26, 2026

: 0.00093
: 17.14%
: 0.047%
: 60.1%

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About IJM

Founded: 1983
Employees: 2569
CEO: Chun Lee
WebsiteView website: www.ijm.com

IJM Corporation Berhad engages in the construction business in Malaysia, India, and the United Kingdom. It operates through Construction, Property Development, Manufacturing and Quarrying, Infrastructure – Tollway, and Infrastructure - Port segments. The company offers civil engineering works; commercial and cultural complexes, including shopping malls and other public buildings; restoration and refurbishment works for local authorities and commercial property owners; highways, roads, and bridges; water supply projects, gas turbine facilities, and hydroelectric power stations; and railways and metro systems. It also involved in the development of land into vacant lots, residential, and commercial and/or industrial buildings; production and sale of concrete products, including spun concrete piles, ready-mixed concrete, and PC bars; sell and rents scaffoldings used in the construction of bridges infrastructure works, high-rise buildings, and shipyards; and quarrying activities. In addition, the company operates and maintains tolls and highways; and operates a port concession. Further, the company provides telecommunication and surveillance systems; financing and related management services; insurance agency services; soil investigation, testing, foundation laying, treatment, and piling services; promotional and marketing services; advertising services; port supporting services, stevedorage, and storage handling; and providing nitrogen purging and pigging services. Additionally, it involved in operating telecommunication tower; trading in construction materials; sale of electricity; operating resort, marina, golf course, and club house; letting and operating of own real estate; and processing and sales of steel bars. IJM Corporation Berhad was incorporated in 1983 and is headquartered in Petaling Jaya, Malaysia.