KUALA LUMPUR, Oct 27 — IJM Corp Bhd is on track to meet its RM6 billion to RM8 billion guidance for financial year 2026 (FY2026) after securing a RM1.26 billion large hyperscale data centre project in Selangor, said CGS International.
Construction is scheduled to commence in the fourth quarter of 2025 and is expected to be completed in the second quarter of 2027.
In a note, the research house said the project was IJM’s second data centre win in the past three months and its fifth to date, bringing its year-to-date FY2026 forecast wins to RM4.2 billion and local order book to RM8.5 billion as at October 25, 2025.
“Having a tier-1 hyperscaler as a new data centre end client is a major milestone for IJM; it will be a much-needed share price catalyst for the company.
“We reiterate our ‘add’ rating with a target price of RM3.61. We like IJM for its strong construction franchise and its synergistic spun concrete piles business,” it said.
Echoing the sentiment, RHB Investment Bank Bhd said IJM is now ready to take on more data centre projects as it continues to work towards completing earlier ones.
It noted that the company has submitted about four to six bids for data centre jobs across the Klang Valley and Johor in 2025.
“Telekom Malaysia’s data centre in Iskandar Puteri, Johor — which IJM is constructing — had a topping-out ceremony in July, indicating that its progress has reached the point of meaningful completion.
“We make no changes to our earnings estimates as the latest job win is within our FY2026 job target assumption of RM6 billion,” it said. — Bernama
