Gamuda
Gamuda’s first half of fiscal year 2024 saw a core net profit of MYR404 million, up 5% year-on-year, meeting expectations.
“We anticipate stronger earnings in the second half, driven by progress in Australian engineering and construction projects, along with property recognition for overseas projects, particularly in Singapore,” says Maybank.
Forecasts for fiscal years 2024-2026 have been raised by 5-8%, with a target price increase to MYR5.80. Second quarter core net profit increased by 7% year-on-year, with engineering and construction revenue growing significantly.
E&C wins in fiscal year 2024 year-to-date total MYR4.8 billion, contributing to an outstanding orderbook of MYR24.1 billion.
“We raise FY24/FY25/FY26E CNP by 5%/5%/8% on incorporating the latest run-rates, while maintaining our MYR10b p.a. E&C job win assumption.
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“We also incorporate mgmt’s upward GDV revision for its property projects esp. for Gamuda City in Vietnam, and roll forward valuation for the E&C ops (to FY25E) in our RNAV estimates, deriving a higher TP by 55sen,” says Maybank.
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