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NewsPublic IB Research downgrades Gamuda to Neutral, target RM4.90
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Public IB Research downgrades Gamuda to Neutral, target RM4.90
by Cals Mon 28 Mar 2016, 00:06
Public IB Research downgrades Gamuda to Neutral, target RM4.90
By theedgemarkets.com / theedgemarkets.com | March 25, 2016 : 8:50 AM MYTKUALA LUMPUR (March 25): Public IB Research has downgraded Gamuda Bhd to "neutral" (from "outperform") with an unchanged target price of RM4.90 and said Gamuda registered Q2FY16 net profit of RM160.1 million (-1% QoQ, -12% YoY), which was within house and consensus expectations.
In a note today, the research house said Gamuda's year-to-date 1HFY16 net profit of RM321.3 million (-13% YoY) constituted circa 50% of house and consensus full year estimates.
It said weak property performance and waning construction order book contributed to the lower earnings.
"As for SPLASH, there is no new development and we understand that discussion still ongoing for the long drawn debacle.
"Elsewhere, property sales were disappointing, and Management indicated that albeit 2H sales are expected to be stronger, the Group's FY16 sales target of RM1.3 billion is likely to be adjusted downwards.
"The stock has moved up near to our target price on anticipation of the KVMRT2 underground package job win. Hence, Gamuda is downgraded to 'neutral' from 'outperform' with unchanged target price of RM4.90," it said.
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