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

[winston]

not vested

3QFY24: Within Expectations; Near-term Outlook Remains Rosy

Gamuda’s 9MFY24 core net profit came in within expectations, despite making up only 65% of our and consensus estimates as we expect stronger earnings in the subsequent quarters.

The construction segment remains resilient, underpinned by an orderbook of RM24.2b as of end-23FY24 and a pipeline of mega projects.

The property division is set to record stronger earnings in FY24 on lumpy recognition of unbilled sales and higher new property sales.

Maintain BUY. Target price: RM7.34.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

3QFY24: Profits in-line,
dividend +vely surprised
Raised DPS forecasts; TP & BUY call maintained

Gamuda’s 9MFY24 core net profit (CNP) of MYR640m (+14% YoY) was inline, at 67% of our FY24E and 65% of consensus.

We expect a stronger 4Q, driven by margins uptick at its E&C ops and higher progress billings at
its property projects.

We maintain our FY24-26 CNP forecasts, expecting another record profit year in FY24E.

We however raise our FY24-26 DPS forecasts to 16sen (+4sen) each after a surprise 10sen 2nd interim for FY24E.

BUY maintained with an unchanged RNAV-TP of MYR7.25.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/389131.pdf

[winston]

not vested

Gamuda (GAM MK)
Realising Ambitious Blueprints

With the anticipated rollout of local mega projects in 2H24-2025 (with a potential total contract value of >RM230b) and strong tender pipelines from the private sector (including the booming data centre sector), we remain optimistic that Gamuda will continue to deliver better orderbook replenishment (RM24b as of Jun 24).

Meanwhile, the emerging overseas project flows and Gamuda’s potential inclusion on the KLCI
index in the upcoming review are also fresh re-rating catalysts.

Maintain BUY with a higher target price of RM8.88.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

2024-07-23

Gamuda Berhad - Orderbook Blooms
Price Target: 9.50

Gamuda announces winning METRONET High-Capacity Signalling (HCS) Project in Perth in alliance with ALSTOM Transport (ALSTOM) valued at AUD1.6bn (RM5.0bn)

Gamuda's orderbook soars to RM26.5bn, equivalent to 3.2x FY23 revenue, providing robust earnings visibility up to FY28F.

Given its broad capability to secure substantial domestic infrastructure projects, we foresee the company reaching the RM30bn replenishment threshold.

We have BUY recommendation on Gamuda with SOP-derived TP of RM9.50 (from RM6.53), implies a 18x PER on FY25F EPS.

Edges Closer to RM30bn Orderbook Target

Source: BIMB

https://klse.i3investor.com/web/priceta ... arch/72046

[winston]

not vested

Aug 5, 2024

Gamuda – BUY

Set to deliver record earnings in FY24.

Gamuda’s earnings outlook remains promising as we expect it to post record-breaking earnings in FY24 on stronger performance from both the construction and property development divisions.

This is backed by robust progress billings from its current projects on hand coupled with the progressive property launches and recognition of unbilled sales (stood at RM6.7b as of 3QFY24) within the property development division.

Resilient replenishment. We believe the group is well on track to achieve its replenishment targets of RM25b in FY24-25 (around RM12.5b p.a), having secured seven contracts worth RM16b-18b ytd.

We believe there are some other big-ticket local infrastructure projects up for grabs, including MRT3 (although delay risk persists), Segment 2 and 3 of Penang LRT, as well as Pan Borneo Highway Sabah Phase 1B.

Property development division sees promising outlook ahead. The property development division is also projected to deliver better earnings in FY24 on the back of higher new-property sales and progressive recognition of unbilled sales.

Upcoming new launches in the pipeline include Gardens Park in Sungai Buloh with a gross development value (GDV) of RM4b, Eaton Park in Ho Chi Minh City with a GDV of RM5.1b, and two additional quick turnaround projects (QTP).

These new projects are expected to achieve commendable take-up rates, thus injecting fresh earnings momentum.

Maintain BUY with a target price of RM7.34, which implies an appealing 16.0x FY25F PE (0.25SD above the five-year historical mean of 15x). Gamuda stands to be the prime beneficiary of the upcoming mega infrastructure projects both locally and regionally.

We also like the company for its superior earnings visibility backed by a robust orderbook coupled with progressive new property launches.

Source: UOBKH

[winston]

not vested

FY24: Another record year; proposed 1-for-1 bonus
Earnings in-line; maintain BUY

Gamuda’s FY24 core net profit (CNP) of MYR912m was in-line (100% of our est., 95% of consensus), representing the 3rd consecutive year of record profits.

We make just marginal tweaks to our FY25-26 CNP forecasts due to house-keeping, and introduce FY27 forecast.

We however raise our DPS forecast to 20sen (+4sen) p.a. based on guidance.

BUY maintained with a higher RNAV-TP of MYR8.70 which implies 21.7x FY25E PER (+1.5SD of LT mean) with the re-rating to reflect sizeable job wins potential. A 1-for-1 bonus issue was proposed which will improve trading liquidity further.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/407919.pdf