Stock Name: GAMUDA
Company Name: GAMUDA BHD
Company Name: GAMUDA BHD
| Research House: OSK | Price Call: BUY | Target Price: 4.58 |
To get a first-handlook at the RM50bn KV MRT - theMalaysian Government's largest ever infrastructure project - we dropped in at one of the 5 KV MRT Information Centres in town, and took a bus totrace the journey from Sungai Buloh toSemantan, which is part of the SungaiBuloh-Kajang (SBK) line. We are positive on the potential rollout of the project and see the award of contracts accelerate in the coming months, with MMC-Gamuda assuming the role as the caretaker of this line's elevated portion. Maintain BUY on Gamuda, at an unchanged FV ofRM4.58, based on our SOP-based valuation.
A well-attendedevent. The visit-cum-tour, hosted by MMC, was fairly well-attended by some20-30 participants comprising fundmanagers and buy-side analysts,including ourselves. We started with a visit to the information centre in TTDIPlaza in Taman Tun Dr Ismail. To kickstart the event, MMC Director of ProjectsEn Maslan Othman gave a 1-hour presentation on the Klang Valley My Rapid Transit (KV MRT)project as well as provided an update on the SBK line's progress. Later, we goton a bus which took us to Sungai Buloh, which is the first stop along the SBK line. From Sungai Buloh, we followed the proposed alignment ofthe SBK line up to the Semantan station before calling it a day. Some of thekey findings are as follows.
Depots in RRIM andSaujana Impian. The entire SBK line running from Sungai Buloh to Kajang is51km long, of which 41.5km is elevated and 9.5km underground. There are 31stations in total, comprising 24 elevated ones and 7 underground stations. While these details are not exactly new, wefound out that there will be 2 depots ' each with a parking capacity of up to60 trains ' one of which will be situated in Rubber Research Institute Malaysia's (RRIM) existing site inSungai Buloh and the other in Saujana Impian in Kajang.
Train specifications.Operating on a 4-car train with a capacity of 300 pax per car at an averagespeed of 36km/hour, the SBK line will provide effective train services to 1.2m passengers,with an estimated daily ridership of over 400k. We understand that the MRT service will commence at 6am daily up to midnight. With an average 1km-1.5km betweenstations, the average waiting time will be at most 2 minutes when the system beginsoperations and at less than a minute by 2050.
Completion in phases.MMC said the SBK line will be completed in 2 phases, with the SungaiBuloh-Semantan section likely to commence operation by Dec 2016, while the remainingSemantan-Kajang portion will be completed by mid-2017. To ensure interconnectivitywith other train systems, a number ofinterchange stations have been identified. For instance, the proposed MRTstation in Sungai Buloh will be sitting on top of the existing Keretapi TanahMelayu (KTM) station at Sungai Buloh.
Source: OSK188
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