Gamuda

[winston]

not vested

RHB IB upbeat on Gamuda’s prospects in Ho Chi Minh City, raises target price to RM6.55

By Surin Murugiah

Upbeat on the prospects Ho Chi Minh City (HCMC) has for Gamuda’s property arm.

HCMC is set to grow and be a major driver of Gamuda Land’s growth in Vietnam while maintaining the country’s contribution of at least 25% to 30% of group revenue in the coming years.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/712209

[winston]

not vested

Gaining traction in the DC space

Reiterate Add, raising FY24F-FY26F EPS and lifting TP to RM7.50.

Wins RM1.7bn DC project; largest to date bringing total DC wins to 3.

May breach RM25bn new order target by 20% to achieve an orderbook of RM34bn by FY25F, in our view.

TP: RM 7.50

Source: CIMB

https://rfs.cgsi.com/api/download?file= ... 782B3F1AEF

[winston]

not vested

Analysts see Gamuda clinching more hyperscale data centre projects

By Luqman Amin

Recently secured contracts for the construction of a hyperscale DC in Elmina Business Park, with a combined value of RM1.7 billion.

"The latest win brings Gamuda’s unbilled order book to RM25.8 billion (an additional 7%), with DC jobs comprising 8% of the estimated unbilled construction order book.

Gamuda shares are currently trading at an attractive 17.5 times forward earnings, according to HLIB, which raised its target price for the counter to RM6.88.

Last Friday, Gamuda announced that it had secured two separate contracts for the construction of a hyperscale DC in Elmina Business Park, with the first contract worth RM815 million awarded by Sime Darby Property Bhd (KL:SIMEPROP) for the construction, completion, testing, and commissioning of the DC.

The second contract, valued at RM928.6 million, is from Pearl Computing Malaysia and involves the fit-out, testing, and commissioning of mechanical, electrical, and plumbing works for the same DC in Elmina Business Park.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/713040

[winston]

not vested

MYR25b job win target to be met by end-CY24?
Revising earnings, raising TP, maintain BUY

We hosted Gamuda at our Invest ASEAN 2024 Corporate Day on 11-12 Jun.

Key take-aways are that:-
1) Gamuda’s MYR25b new E&C orderbook target may be met by as early as end-CY24, ahead of its end-FY25 timeline; and
2) it remains hopeful of more data centre jobs supported by its two IBS plants.

We adjust FY24/25/26E earnings by -5%/+2%/+3% respectively, and raise our RNAV-TP to MYR7.25 (+40sen). We remain positive on Gamuda’s prospects, for both its E&C and property ops. BUY.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/388236.pdf