Gamuda, together with its Taiwanese partner, Asia World Engineering & Construction Co. (AWEC) was awarded Package YC01 of Kaoshiung Mass Rapid Transit (MRT) Yellow line worth NTD23.4bn (approx. RM3.5bn) from Taiwan Kaohsiung City Government. Based on Gamuda’s 88% stake in the JV, the effective contract value to the Group is RM3.03bn. With this new job win, the Group’s outstanding orderbook now amounts to RM24bn and also about 23.3% of our FY24F orderbook replenishment target. We allude to this win in our earlier report as Gamuda’s track record in the region would bring opportunities especially rapid rail infrastructure projects. All told, we believe Gamuda’s orderbook replenishment target from Taiwan has been fulfilled for the year hence, we are leaving our forecasts unchanged. To note, this is also within our FY24F orderbook replenishment assumption of RM13bn. Thus, we retain our Outperform rating with an unchanged sum-of-the-parts derived TP of RM5.00, pegged at 15x PER sector average.
Source: PublicInvest Research - 26 Oct 2023
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