Gamuda

[winston]

not vested

5398 Gamuda (BUY)
Looking sunny down under

Gamuda’s briefing held yesterday reaffirmed strong prospects across its Australian operations, anchored by huge opportunity pipeline of over AUD128bn (RM346bn) in the next few years - a scale we believe remains underappreciated by the market.

DTI is targeting to double its orderbook to AUD5bn while GEA is pursuing large EPC+equity projects in transmission, RE and rail.

These opportunities align with IA25’s upgraded MPIP of AUD242bn (+14% YoY), led by a major uplift in utilities.

Minor tweaks to FY26f/27f forecasts, introduce FY28f core PATAMI of RM2.1bn. Maintain BUY and unchanged TP of RM6.88.

Source: HLIB

[winston]

not vested

Big plans Down Under

Maintain BUY call and MYR6.17 SOTP-TP

GAM hosted an investor briefing to highlight its Australian operations.

We note that GAM has traditionally favoured its Malaysian and Taiwanese operations instead.

Yet, we found the investor briefing insightful for the bevy of megaprojects on offer and the potential for margin uplift in Australia.

In summary, we are reassured that our annual job wins assumption of MYR25.0b would be met.

We maintain our earnings estimates, BUY call and MYR6.17 SOTP-TP.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/499399.pdf