External broker reports(aggregated public sources), Public Investment Bank Bhd

Public Investment Bank Bhd

External broker reports(aggregated public sources)

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>IJM bagged a job worth RM653.6m from Global Vision Logistic SB (GVL), marking its first job win in FY24.</li><li>GVL is an associate company of Swift Haulage (42.5%), Aspen Group (12.5%) and 2 private entities (45%).</li><li>IJM is appointed to build Phase 1A of Shah Alam International Logistic Hub involving a 4-storey logistic hub, 4- storey multilevel parking with 1-storey office and ancillary buildings. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IJM bagged a job worth RM653.6m from Global Vision Logistic SB (GVL), marking its first job win in FY24.GVL is an associate company of Swift Haulage (42.5%), Aspen Group (12.5%) and 2 private entities (45%).IJM is appointed to build Phase 1A of Shah Alam International Logistic Hub involving a 4-storey logistic hub, 4- storey multilevel parking with 1-storey office and ancillary buildings. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IJM Corp Berhad - First Job Win of the Year

IJM Corporation Berhad -  First Job Win of the Year

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Palm oil prices are up 177% since May 2020 and 66% since June of last year. Palm oil touched a record high of RM5,700/mt the 31 January.</li>
<li>Yet while palm oil has enjoyed a meteoric price rise, the performance of listed palm oil plays has bifurcated.  </li>
<li>Valuations appear largely constrained by environmental, social, and governance concerns, resulting in plantation stocks trading below their historical averages.</li>
</ul>


Palm oil prices are up 177% since May 2020 and 66% since June of last year. Palm oil touched a record high of RM5,700/mt the 31 January.
Yet while palm oil has enjoyed a meteoric price rise, the performance of listed palm oil plays has bifurcated.  
Valuations appear largely constrained by environmental, social, and governance concerns, resulting in plantation stocks trading below their historical averages.


CPO Plays Lag Palm Oil Prices As ESG Issues Weigh

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Event-Driven

Palm oil play <a href="https://www.smartkarma.com/entities/kuala-lumpur-kepong-bhd" target="_blank" data-smartkarma-citation="entities:17039:1" rel="noopener">Kuala Lumpur Kepong (KLK MK)</a> has made an <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3165328" target="_blank" rel="noopener">Offer</a> for <a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">Ijm Corp Bhd (IJM MK)</a>'s 56.2% stake in <a href="https://www.smartkarma.com/entities/ijm-plantations-bhd" target="_blank" data-smartkarma-citation="entities:12967:1" rel="noopener">Ijm Plantations (IJMP MK)</a>.
The RM3.10/share Offer price, a 26% premium to last close, values IJMP at RM2.7bn, or US$0.65bn.
Should the transaction conclude - and there appears no reason why it won't - KLK will be obligated to make an unconditional mandatory general offer for all shares in IJMP not held.
The transaction is subject to shareholder approval at EGMs for both IJM Corp and KLK. The SPA is also conditional on the consent from the lenders of IJM Corp and IJMP. 
IJM Corp is required to confirm on or before 5pm on June 11, if it wishes to proceed. IJM Corp said its board is in principle agreeable to finalise the terms and conditions with KLK.
This looks done.
More below the fold.

Palm oil play Kuala Lumpur Kepong (KLK MK) has made an Offer for Ijm Corp Bhd (IJM MK)'s 56.2% stake in Ijm Plantations (IJMP MK).
The RM3.10/share Offer price, a 26% premium to last close, values IJMP at RM2.7bn, or US$0.65bn.
Should the transaction conclude - and there appears no reason why it won't - KLK will be obligated to make an unconditional mandatory general offer for all shares in IJMP not held.
The transaction is subject to shareholder approval at EGMs for both IJM Corp and KLK. The SPA is also conditional on the consent from the lenders of IJM Corp and IJMP. 
IJM Corp is required to confirm on or before 5pm on June 11, if it wishes to proceed. IJM Corp said its board is in principle agreeable to finalise the terms and conditions with KLK.
This looks done.
More below the fold.

Malaysia

IJM Corporation Berhad is an investment holding company that provides construction services.  The Company, through its subsidiaries, operates in property development, provides quarrying services, manufactures and sells premix products, cultivates oil palm, and provides education services.

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Ijm Corp Bhd (IJM MK)

IJM Corp Berhad - First Job Win of the Year

IJM is appointed to build Phase 1A of Shah Alam International Logistic Hub involving a 4-storey logistic hub, 4- storey multilevel parking with 1...

Public Investment Bank Bhd

IJM Corporation Berhad - First Job Win of the Year

IJM is appointed to build Phase 1A of Shah Alam International Logistic Hub involving a 4-storey logistic hub, 4- storey multilevel parking with 1...

Public Investment Bank Bhd

CPO Plays Lag Palm Oil Prices As ESG Issues Weigh

KLK's reliance on its downstream operations should help reduce palm product prices. The recent acquisition of IJM also extends the age profile of...

David Blennerhassett

1Q22 Dragged by a Nationwide Lockdown

Buy Ijm Corporation Berhad: 1Q22 Dragged by a Nationwide Lockdown. - By: TA Securities Holdings Bhd

TA Securities Holdings Bhd

IJM Plantations' Potential MGO From KLK

This appears a done deal. Assuming a mid-August completion, I estimate this is trading at a gross/annualised spread of 1.9%/10.7%. That looks okay....

David Blennerhassett

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