IJM Corporation Berhad

KLSE:IJM Stock Report

Market Cap: RM 10.1b

IJM Corporation Berhad Valuation

Is IJM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of IJM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IJM (MYR2.88) is trading above our estimate of fair value (MYR2.74)

Significantly Below Fair Value: IJM is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IJM?

Key metric: As IJM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for IJM. This is calculated by dividing IJM's market cap by their current earnings.
What is IJM's PE Ratio?
PE Ratio17.8x
EarningsRM 567.04m
Market CapRM 10.10b

Price to Earnings Ratio vs Peers

How does IJM's PE Ratio compare to its peers?

The above table shows the PE ratio for IJM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average24.4x
SUNCON Sunway Construction Group Berhad
35.6x26.6%RM 5.9b
KERJAYA Kerjaya Prospek Group Berhad
18.2x17.6%RM 2.8b
MRCB Malaysian Resources Corporation Berhad
15.4x-20.7%RM 2.2b
GAMUDA Gamuda Berhad
28.3x19.6%RM 26.1b
IJM IJM Corporation Berhad
17.8x7.6%RM 10.1b

Price-To-Earnings vs Peers: IJM is good value based on its Price-To-Earnings Ratio (17.8x) compared to the peer average (24.4x).

Price to Earnings Ratio vs Industry

How does IJM's PE Ratio compare vs other companies in the MY Construction Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AZRB Ahmad Zaki Resources Berhad
1.1xn/aUS$32.16m
ZELAN Zelan Berhad
1.2xn/aUS$8.47m
No more companies available in this PE range
IJM 17.8xIndustry Avg. 18.3xNo. of Companies7PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: IJM is good value based on its Price-To-Earnings Ratio (17.8x) compared to the MY Construction industry average (18.3x).

Price to Earnings Ratio vs Fair Ratio

What is IJM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IJM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17.8x
Fair PE Ratio19.3x

Price-To-Earnings vs Fair Ratio: IJM is good value based on its Price-To-Earnings Ratio (17.8x) compared to the estimated Fair Price-To-Earnings Ratio (19.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst IJM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRM 2.88
RM 3.71
+28.7%
10.7%RM 4.40RM 3.10n/a15
Dec ’25RM 2.98
RM 3.71
+24.3%
10.7%RM 4.40RM 3.10n/a15
Nov ’25RM 3.02
RM 3.61
+19.4%
15.7%RM 4.40RM 2.10n/a15
Oct ’25RM 2.99
RM 3.63
+21.5%
15.8%RM 4.40RM 2.10n/a14
Sep ’25RM 2.87
RM 3.51
+22.2%
20.5%RM 4.40RM 2.00n/a14
Aug ’25RM 3.49
RM 3.26
-6.6%
25.6%RM 4.40RM 1.90n/a13
Jul ’25RM 3.04
RM 3.03
-0.3%
21.4%RM 3.89RM 1.90n/a13
Jun ’25RM 2.75
RM 2.64
-4.1%
16.4%RM 3.16RM 1.90n/a14
May ’25RM 2.42
RM 2.34
-3.2%
13.1%RM 2.88RM 1.90n/a14
Apr ’25RM 2.37
RM 2.34
-1.4%
12.8%RM 2.88RM 1.90n/a15
Mar ’25RM 2.15
RM 2.31
+7.3%
12.8%RM 2.88RM 1.90n/a15
Feb ’25RM 2.24
RM 2.21
-1.2%
11.2%RM 2.88RM 1.90n/a15
Jan ’25RM 1.88
RM 2.09
+11.1%
8.6%RM 2.46RM 1.70n/a15
Dec ’24RM 1.88
RM 2.04
+8.5%
9.2%RM 2.46RM 1.70RM 2.9816
Nov ’24RM 1.87
RM 1.97
+5.4%
7.4%RM 2.18RM 1.62RM 3.0216
Oct ’24RM 1.86
RM 1.90
+2.4%
12.0%RM 2.18RM 1.25RM 2.9916
Sep ’24RM 1.85
RM 1.89
+2.2%
11.7%RM 2.18RM 1.25RM 2.8717
Aug ’24RM 1.51
RM 1.84
+21.8%
13.2%RM 2.18RM 1.25RM 3.4917
Jul ’24RM 1.49
RM 1.82
+22.3%
13.5%RM 2.18RM 1.25RM 3.0418
Jun ’24RM 1.64
RM 1.81
+10.3%
13.7%RM 2.18RM 1.25RM 2.7518
May ’24RM 1.56
RM 1.80
+15.2%
13.1%RM 2.15RM 1.25RM 2.4218
Apr ’24RM 1.60
RM 1.80
+12.3%
13.1%RM 2.15RM 1.25RM 2.3718
Mar ’24RM 1.64
RM 1.80
+9.9%
12.9%RM 2.15RM 1.25RM 2.1518
Feb ’24RM 1.56
RM 1.83
+17.5%
14.8%RM 2.39RM 1.25RM 2.2418
Jan ’24RM 1.60
RM 1.83
+14.5%
14.8%RM 2.39RM 1.25RM 1.8818
Dec ’23RM 1.65
RM 1.83
+11.1%
14.8%RM 2.39RM 1.25RM 1.8818

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/24 19:02
End of Day Share Price 2024/12/24 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

IJM Corporation Berhad is covered by 36 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Chee Wei LoongAffin Hwang Investment Bank
Ping GohAlliance Research Sdn. Bhd.
Sheng Cheong SooAmInvestment Bank Berhad