Stock Name: GAMUDA
Company Name: GAMUDA BHD
Company Name: GAMUDA BHD
| Research House: ECMLIBRA | Price Call: HOLD | Target Price: 3.53 |
After nearly 2 years since Gamuda and MMC Bhd joined forces to moot the Klang Valley My Rapid Transit (MRT) project to the Government in mid-2010, MRT Co yesterday announced that Gamuda-MMC joint venture (JV) won the tunneling package of the Sungai Buloh ''C Kajang (SBK) line valued at RM8.2bn, beating 4 other prequalified contractors. While we have factored the tunneling job award in our earnings forecast, the timing of the award was earlier than our and market expectation of end-April. Given that Vietnam has eased monetary policy slightly and take-up rates have improved at the group's Gamuda City (Hanoi) and Celadon City (HCMC) property developments, we turn more sanguine on prospects for Gamuda's property segment. Upgrade from SELL to HOLD, TP RM3.53 based on sum-of-parts. (refer to report for details)
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