Forwarded from Rakuten Trade Ideas 🎯
IJM-260402-CU (Kenanga).pdf
360 KB
Kenanga Resesarch has Outperform call on IJM Corporation Bhd (IJM, 3336) with target price of RM3.40 - another data centre job win of RM658 million (total 7 data centre jobs so far)
#KenangaBuyCall
#KenangaBuyCall
Open malacca securities/ mplus cds account: https://bit.ly/openmplusaccountloh
Forwarded from Rakuten Trade Ideas 🎯
MALAKOF - Technical View - 7 Apr 2026.pdf
565.3 KB
Technical BUY on Malakoff Corporation Bhd (MALAKOF, 5264) with bullish momentum heading towards RM0.86 - RM0.91
#TechnicalIdeas
#TechnicalIdeas
Sunway fails in bid to take over IJM…
🔴 Why the takeover failed
• The deal was a conditional voluntary takeover — Sunway needed to secure more than 50% of IJM shares from shareholders. 
• By the deadline (April 6, 2026), not enough shareholders accepted the offer, so the bid automatically lapsed. 
👉 In simple terms:
Even though Sunway wanted the deal, shareholders didn’t sell enough shares, so it couldn’t go through.
⸻
⚠️ Key reasons it failed
1. IJM board rejected the offer
• IJM’s board said the offer was “not fair and not reasonable”. 
• Independent advisers estimated the price was ~46%–51% below IJM’s fair value. 
2. Major shareholders said NO
• Big investor Permodalan Nasional Berhad (PNB) refused to accept the offer for its stake. 
• Without support from large shareholders, reaching 50% was unlikely.
3. Strategic resistance by IJM
• IJM argued the bid came at a low point in its earnings cycle, while its assets still had strong value. 
• The company even explored plans (like asset monetisation) to prove it was worth more.
4. Other complications
• The deal also faced:
• Regulatory scrutiny (MACC review)
• Political and market sensitivities
• These didn’t directly kill the deal, but added pressure.
⸻
💰 What the deal looked like
• Total value: about RM11 billion
• Offer: RM3.15 per IJM share
• Structure:
• ~10% cash
• ~90% Sunway shares 
⸻
🧠 Bottom line
Sunway didn’t “lose” due to a single event — it failed because:
• Price seen as too low
• Board + major shareholders resisted
• Not enough shares tendered
So when the deadline hit, the takeover simply expired.
🔴 Why the takeover failed
• The deal was a conditional voluntary takeover — Sunway needed to secure more than 50% of IJM shares from shareholders. 
• By the deadline (April 6, 2026), not enough shareholders accepted the offer, so the bid automatically lapsed. 
👉 In simple terms:
Even though Sunway wanted the deal, shareholders didn’t sell enough shares, so it couldn’t go through.
⸻
⚠️ Key reasons it failed
1. IJM board rejected the offer
• IJM’s board said the offer was “not fair and not reasonable”. 
• Independent advisers estimated the price was ~46%–51% below IJM’s fair value. 
2. Major shareholders said NO
• Big investor Permodalan Nasional Berhad (PNB) refused to accept the offer for its stake. 
• Without support from large shareholders, reaching 50% was unlikely.
3. Strategic resistance by IJM
• IJM argued the bid came at a low point in its earnings cycle, while its assets still had strong value. 
• The company even explored plans (like asset monetisation) to prove it was worth more.
4. Other complications
• The deal also faced:
• Regulatory scrutiny (MACC review)
• Political and market sensitivities
• These didn’t directly kill the deal, but added pressure.
⸻
💰 What the deal looked like
• Total value: about RM11 billion
• Offer: RM3.15 per IJM share
• Structure:
• ~10% cash
• ~90% Sunway shares 
⸻
🧠 Bottom line
Sunway didn’t “lose” due to a single event — it failed because:
• Price seen as too low
• Board + major shareholders resisted
• Not enough shares tendered
So when the deadline hit, the takeover simply expired.
Gamuda’s RM50bil order-book target intact.
Recent news confirms that Gamuda Berhad is still on track to achieve its RM50 billion order book target by end-2026, with analysts generally maintaining a positive outlook.
🧩 Key takeaways
• Target remains intact: The company continues to aim for an order book of ~RM50 billion by 2026. 
• Strong current base:
• Around RM45–46 billion order book as of end-2025, already near record highs. 
• Pipeline visibility:
• About RM20 billion in potential new projects identified (local + overseas). 
• Required replenishment:
• Needs roughly RM20 billion new job wins in 2026 to hit the target (after accounting for project burn rate). 
🚧 What’s supporting the target
• Diversified project pipeline:
• Malaysia: Penang LRT, water projects, data centres
• Overseas: Australia, Taiwan, Singapore infrastructure
• New growth areas:
• Renewable energy
• Data centre developments (hyperscaler demand)
⚠️ Risks / watch points
• Timing issues (not structural):
• Some major local projects are still early stage → delays in earnings recognition
• Property segment risks:
• Vietnam project approvals could affect near-term sales
📊 Bottom line
• The RM50b target is credible and widely supported by analysts
• Gamuda is already ~90% there, so execution (securing ~RM20b new jobs) is the key
• Overall outlook remains bullish, with earnings expected to ramp up as projects progress
https://www.facebook.com/share/p/18WPvjtrcm/?mibextid=wwXIfr
Recent news confirms that Gamuda Berhad is still on track to achieve its RM50 billion order book target by end-2026, with analysts generally maintaining a positive outlook.
🧩 Key takeaways
• Target remains intact: The company continues to aim for an order book of ~RM50 billion by 2026. 
• Strong current base:
• Around RM45–46 billion order book as of end-2025, already near record highs. 
• Pipeline visibility:
• About RM20 billion in potential new projects identified (local + overseas). 
• Required replenishment:
• Needs roughly RM20 billion new job wins in 2026 to hit the target (after accounting for project burn rate). 
🚧 What’s supporting the target
• Diversified project pipeline:
• Malaysia: Penang LRT, water projects, data centres
• Overseas: Australia, Taiwan, Singapore infrastructure
• New growth areas:
• Renewable energy
• Data centre developments (hyperscaler demand)
⚠️ Risks / watch points
• Timing issues (not structural):
• Some major local projects are still early stage → delays in earnings recognition
• Property segment risks:
• Vietnam project approvals could affect near-term sales
📊 Bottom line
• The RM50b target is credible and widely supported by analysts
• Gamuda is already ~90% there, so execution (securing ~RM20b new jobs) is the key
• Overall outlook remains bullish, with earnings expected to ramp up as projects progress
https://www.facebook.com/share/p/18WPvjtrcm/?mibextid=wwXIfr