Gamuda

[winston]

Secures Penang LRT E&C

Maintain BUY with a MYR5.25 TP

Gamuda’s latest MYR5b E&C win for the Penang LRT Mutiara Line has lifted its outstanding orderbook to MYR37b, further strengthening its earnings visibility.

This contract win (and value) is expected; now formalised after SRS Consortium (60% owned by Gamuda) was offered the construction after the Cabinet approved the Penang LRT project on 22 Mar 2024.

We make no change to our earnings forecasts, having imputed job win assumptions.

Maintain BUY with an unchanged MYR5.25 RNAV-TP.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/429821.pdf

[winston]

Gamuda (GAM MK) Shaken, Not Stirred

While the restriction on the US’ AI chip exports created an unprecedented selldown, we assess that Gamuda’s local DC contracts will not be hindered.

Moreover, Gamuda’s growth stems from multiple non-DC aspects, including large-scale infrastructure and renewables projects across Malaysia, Australia and Taiwan.

Gamuda’s solid fundamentals, backed by a record-high orderbook and inexpensive valuations, shall survive this consolidation. Maintain BUY. Target price: RM5.55.

Source: UOBKH

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

[winston]

Construction - Strong Finish
Date: 2025-01-16
Firm: HLG
Price Target: 5.50

2024 domestic contract awards totalled RM44.2bn (+103% YoY) the highest tally since 2016.

Sequentially, there was higher value of DC contracts and CGPP projects.

We maintain OVERWEIGHT on the sector anticipating a sustained year in project flows anchored by conventional DCs & AI-DCs, infra rollout and buoyant private sector sentiments.

Gamuda (BUY; TP: RM5.50) remains our sector top pick due to diversified project exposure.

https://klse.i3investor.com/web/priceta ... arch/74166

[winston]

not vested

Gamuda Berhad - Secures RM8.3bn Penang LRT Segment 1
Date: 2025-01-14
Firm: TA
Price Target: 6.30

Secures Penang LRT Segment 1 Contract Worth RM8.3bn

https://klse.i3investor.com/web/priceta ... arch/74144

[winston]

Gamuda - Sealing The Deal In The Pearl Of The Orient; BUY
Date: 2025-01-14
Price Target: 5.83
Price Call: BUY

Maintain BUY and MYR5.83 TP, 22% upside with 2% FY25F (Jul) yield.

Gamuda's 60%-owned subsidiary, SRS Consortium, has been awarded a MYR8.3bn contract by Mass Rapid Transit Corp (MRT Corp) for Segment 1 (Silicon Island A to Komtar) of the Penang Light Rail Transit (LRT) Mutiara Line (Penang LRT).

The job scope includes the design and construction of elevated guideways, stations, a depot at Silicon Island A for light and heavy maintenance, at-grade park-and-ride facilities and external works.

Source: RHB

https://klse.i3investor.com/web/priceta ... arch/74146