Stock Name: GAMUDA
Company Name: GAMUDA BHD
Company Name: GAMUDA BHD
| Research House: CIMB | Price Call: BUY | Target Price: 4.55 |
Target RM4.55
Gamuda's market-beating 1HFY7/11 results were driven by unexpectedly high margins, which should be sustainable with the help of MRT underground works. We continue to believe that it may clinch the PDP and contractor roles for MRT 2 & 3. Annualised 1H core net profit was in line at 1% above our forecast but 14% ahead of consensus. EPS forecasts and target price (10% RNAV discount) are raised for a stronger 2H. Still a Trading Buy and one of our top sector picks. These strong results and project awards are key catalysts.
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