We downgrade Gamuda to a HOLD (from BUY). The Group's share price has fallen by 13.8% after US announced new restrictions on AI chip exports on 13-Jan. Though we believe current data centre-related projects remain intact, we believe orderbook replenishment prospects are likely to be affected and hence revise our earnings forecasts by -2% to -7% for FY26- FY27. Additionally, we expect valuations to see further correction as negative sentiment lingers from the overhang. We revise our RNAV-based target price (TP) to RM4.70/share (from RM5.70) which implies a CY26 PER of 20x, or >+2 SD to its 10- year mean of 16x.
Source: AmInvest Research - 24 Jan 2025
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