Reflections on Volume

Big volume without further upside equals distribution
Big volume without further downside equals accumulation

Volume tends to peak at turning points
Volume often precedes price movement
Volume is a relative study

Friday, March 19, 2010

IJM Land: Buy, target price RM2.79

KENANGA Research has initiated coverage on IJM Land Bhd (3336) with a "buy" call due to its promising growth prospects, geographically diversified strategic landbank with large gross development value (GDV) and positive news flow from headline projects among other reasons.

Its target price for IJM Land's share price is RM2.79, a 22 per cent upside from its current share price, the report by Kenanga said.

"IJM Land owns one of the largest landbanks with an estimated RM25 billion GDV in Malaysia. A promising future lies ahead for the company given two large pipeline projects - 'The Light' and 'Sebana Cove'," it said.

The report also indicated that the company's current net gearing of 0.25 times is healthy compared with the sector range of 0.2-0.4 times.

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