In line. IJMP’s FY03/10 core net profit was in line with our and consensus estimates, making up 99-102% of our and consensus FY03/10 projections. IJMP recorded an EI loss of RM7.7m in 4QFY03/10, relating to impairment losses for its JV investments. Although no details were disclosed, we believe this could be relating to IJMP’s 60% stake in its biodiesel plant, which is dormant at the moment. IJMP declared a 5 sen single tier dividend (FY09: 8 sen), which translates to net payout of 45%, or net yield of 2.1%, which was slightly higher than our projected 4 sen DPS.
IJM Plantations Berhad : No Surprise, No Excitement
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