Stock Name: GAMUDA
Company Name: GAMUDA BHD
TA Securities raised its target price for Gamuda Bhd to RM4.32, a 27 per cent premium to the stock's last closing price, from RM4.27 earlier, after the company reported record net profit.
Gamuda's net profit for the financial year ended July 31 rose nearly 30 per cent to RM547.3 million from RM432.9 million previously, due to higher contributions from its construction and property businesses.
Gamuda is hoping to get contracts worth 10 billion ringgit while work on the country's Mass Rapid Transit (MRT) project has been progressing according to schedule, the company told analysts in a briefing. It said 7 per cent of the project was complete, with RM19 billion worth of contracts awarded to date.
"Gamuda is one of our top picks for the sector, we believe it is a direct proxy to the robust construction outlook for this year given its status as one of the leading contractors in Malaysia," said TA in a report on Friday. TA maintained its 'buy' call for the stock.
Shares of Gamuda traded 1.47 per cent higher at RM3.45, recovering from its lowest point since January. - Reuters
Company Name: GAMUDA BHD
| Research House: TA | Price Call: BUY | Target Price: 4.27 |
TA Securities raised its target price for Gamuda Bhd to RM4.32, a 27 per cent premium to the stock's last closing price, from RM4.27 earlier, after the company reported record net profit.
Gamuda's net profit for the financial year ended July 31 rose nearly 30 per cent to RM547.3 million from RM432.9 million previously, due to higher contributions from its construction and property businesses.
Gamuda is hoping to get contracts worth 10 billion ringgit while work on the country's Mass Rapid Transit (MRT) project has been progressing according to schedule, the company told analysts in a briefing. It said 7 per cent of the project was complete, with RM19 billion worth of contracts awarded to date.
"Gamuda is one of our top picks for the sector, we believe it is a direct proxy to the robust construction outlook for this year given its status as one of the leading contractors in Malaysia," said TA in a report on Friday. TA maintained its 'buy' call for the stock.
Shares of Gamuda traded 1.47 per cent higher at RM3.45, recovering from its lowest point since January. - Reuters
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