Monday, 23 April 2012

Maybank IB Research maintains Buy on Gamuda, Target price RM4.10

KUALA LUMPUR (April 23): Maybank Investment Bank Bhd Research has maintained its Buyrating on GAMUDA BHD [] at RM3.57 with a target price of RM4.10 and said the MMC-Gamuda JV's MYR8.28 billion win for the KVMRT Sg Buloh-Kajang (SBK) tunnelling works has enhanced Gamuda’s earnings visibility into 2017, and should provide for earnings growth, at least, into FY13-14.

“We raise our earnings forecasts marginally which have earlier imputed MYR3 billion job win potential for FY12. Our MYR4.10 RNAV-based target price is unchanged.

“Trading at just 12.3 times one-year forward earnings (16 times mean), the stock is undervalued. Maintain Buy,” it said on Monday.

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