Gamuda

[winston]

not vested

5398 GAMUDA (BUY)
Bags first Port Dickson DC job

Gamuda announced last Friday that it has secured a RM1.7bn contract from a US-headquartered MNC to construct a DC (core and shell plus MEP) in Port Dickson.

Orderbook now climbs to RM45.5bn.

Gamuda is guiding a PBT margin of 8% for the package on a cost-plus mechanism.

Although Gamuda had a slow start in stacking up wins so far in CY26, we believe the group is still on track to achieve its target RM50bn orderbook by end-CY26.

We revamped our financial model and reintroduce FY26/27/28F forecasts at RM1,039m/RM1,364m/RM1,682m.

Maintain BUY rating but with a lower SOP-TP of RM5.31 (from RM5.60).

Source: HLIB