KUALA LUMPUR: IJM Corporation Bhd
(IJM Corp) is expected to have a strong chance of securing a subsequent mechanical and electrical (M&E) package after its RM658 million hyperscale data centre contract win in Elmina Business Park, said Kenanga Investment Bank Bhd (Kenanga IB).
IJM Corp had secured the contract for the core and shell works under Package 2 from Sime Darby Property Bhd.
"We view this win positively as it reinforces IJM’s competitive positioning in future hyperscale tenders in a rapidly growing sector. We maintain our forecasts, with an ‘outperform’ rating and target price (TP) of RM3.40,” said Kenanga IB in a note today.
The project serves as an extension to the Package 1 main building works awarded to IJM in October 2025.
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