SINGAPORE (June 13): IJM Corp Bhd faces risk from new government’s plan to consolidate spending and perhaps tweak rules on toll roads, Citi analyst Patrick Yau writes in note.
* Reduces margin estimates for construction and industrial materials businesses, citing “heightened competition”
* Trims property segment’s margin estimates, citing “softness” in market
* Cuts earnings estimates by 14% and 18% for FY19 and FY20, respectively
* Maintains buy; reduces price target by 39% to RM2.45