KUALA LUMPUR (March 29): RHB Research Institute said GAMUDA BHD []’s first half core net profit for the period ended Jan 31, 2012 came in within expectations.
It said on Thursday that Gamuda had provided guidance to analysts about 12% margins from the tunneling package of the Sungai Buloh–Kajang (SBK) line of the Klang Valley MRT project.
“Gamuda ‘would like to believe’ that it has ‘carefully and adequately priced in the risks’,” said the research house.
RHB Research said while tunneling works proper will only start in March 2013, other parts of the job comprising preparatory works for tunneling as well as the CONSTRUCTION [] of the seven underground stations will commence and start contributing before March 2013.
The research house said Gamuda cut its FY12-FY13 property sales forecasts (including land sales) for Celadon City to RM150 million and RM250 million (from RM250 million and RM500 million previously) but raised those for Gamuda City (Hanoi) to RM500 million and RM750 million (from RM400 million and RM600 million previously).
“Gamuda maintained its local property sales target of RM1.35 billion in FY12. So far in 1HFY12, it already clocked up RM870 million sales, boosting its unbilled property sales to RM1.3 billion. Fair value is RM3.78. Maintain Market Perform,” it said.
It said on Thursday that Gamuda had provided guidance to analysts about 12% margins from the tunneling package of the Sungai Buloh–Kajang (SBK) line of the Klang Valley MRT project.
“Gamuda ‘would like to believe’ that it has ‘carefully and adequately priced in the risks’,” said the research house.
RHB Research said while tunneling works proper will only start in March 2013, other parts of the job comprising preparatory works for tunneling as well as the CONSTRUCTION [] of the seven underground stations will commence and start contributing before March 2013.
The research house said Gamuda cut its FY12-FY13 property sales forecasts (including land sales) for Celadon City to RM150 million and RM250 million (from RM250 million and RM500 million previously) but raised those for Gamuda City (Hanoi) to RM500 million and RM750 million (from RM400 million and RM600 million previously).
“Gamuda maintained its local property sales target of RM1.35 billion in FY12. So far in 1HFY12, it already clocked up RM870 million sales, boosting its unbilled property sales to RM1.3 billion. Fair value is RM3.78. Maintain Market Perform,” it said.
