Bursa Malaysia Stock Watch

Gamuda (Buy): Strong start to FY12

kltrader
Publish date: Mon, 19 Dec 2011, 11:39 AM
kltrader
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Overshot expectations. 1QFY12 net profit of RM132m (+50% YoY) was 28% of both our and consensus full-year forecast. Construction margin, at 11.2% gross, surprised on the upside, and management expects this to sustain. We maintain our earnings forecasts and RNAV-based TP of RM4.10 for now. Gamuda is our top pick in construction, as we remain confident of a major order book win over the near-term.


Maybank research (19 December 2011)

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