Monetising its plantation asset for RM1.5bn
■ IJM Corp is divesting its entire stake in IJMP to KLK for RM1.5bn.
■ We are positive on this deal; interest income should offset forgone profits,
reducing net gearing to 0.29x as group cash jumps by 64% post the deal.
■ Add retained with higher TP; potential special dividends an added catalyst.