Bursa Malaysia Stock Watch
GAMUDA (BUY) - 2Q lifted by land sale
kltrader
Publish date: Thu, 29 Mar 2012, 09:57 AM
kltrader
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GAMUDA (BUY)
2Q lifted by land sale
- Reported 2HFY11 PATAMI grew by 47% to RM268.8m (13 sen/share). However,after adjusting for a one-off gain of ~RM18m from land sales to AEON, coreearnings grew by 37% to RM250.8m (12.1 sen/share), meeting both ours andconsensus estimates respectively.
- QoQ, core earnings actually dipped due to lower property contributionand fluctuation in contributions from Gamuda Water and SMART. However, in termsof YoY, quarterly earnings grew by 26%, driven by margins expansion for theEDTP project and property activities in Bandar Botanic and Horizon Hills.
- Gamuda has ~RM5.8bn order book, translating to 3.1x FY11's constructionrevenue and unbilled sales to RM1.3bn, translating to 1.8x FY11's propertyrevenue.
- Maintain BUY with TP of RM4.41.
Source: HLIB Research - 29 March 2012
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