GDB Holdings Bhd: Results Within Expectations

KUALA LUMPUR, Aug 21 — GDB Holdings Bhd posted 1HFY26 core net profit of RM34.6 million (-16.6% YoY), accounting for 48% of the FY26 forecast of RM71.6 million, in line with expectations. The Group’s orderbook stands at around RM1.0 billion, ensuring earnings visibility until FY30.

Quarterly results showed 2QFY26 core net profit of RM13.1 million (-38.8% QoQ, -39.5% YoY), impacted by lower revenue recognition as major projects — KL International Hospital, Logistic Hub Plot B, and Metrohub 4 — neared completion. Revenue fell 15.7% QoQ to RM142.5 million, while administrative expenses nearly doubled YoY to RM6.2 million due to expansion into East Malaysia and diversification into new business lines.

GDB Holdings

Outlook & Recommendation GDB’s tenderbook remains robust at RM9.6 billion, with RM9.2 billion of bids planned for 2HFY26. The Group is also diversifying into property development in Sarawak, with two parcels of land earmarked for a mixed-use project (GDV c.RM500m), and has incorporated GDB Resources Sdn Bhd to strengthen supply chain integration.

We maintain FY26F/FY27F/FY28F core net profit forecasts at RM71.6m/RM64.5m/RM58.7m. BUY recommendation is reaffirmed with an unchanged TP of RM0.60, based on a P/E multiple of 9.5x applied to FY27F EPS of 6.3 sen.

Source: Apex

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