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BIMB Securities maintains Buy on Gamuda, target price RM5.48

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BIMB Securities maintains Buy on Gamuda, target price RM5.48 Empty BIMB Securities maintains Buy on Gamuda, target price RM5.48

Post by Cals Fri 28 Jun 2013, 09:23

BIMB Securities maintains Buy on Gamuda, target price RM5.48
Business & Markets 2013
Written by theedgemalaysia.com   
Friday, 28 June 2013 08:56
KUALA LUMPUR (June 28): BIMB Securities Research has maintained Buy on GAMUDA BHD [] at RM4.56 with a target price of RM5.48 and saidGamuda’s 9MFY13 net profit of RM373.72 million (-8.13% y-o-y) was within expectations, making up 78.4% of its full-year earnings projection despite a y-o-y 20.5% jump in revenue of RM2.55 billion.
In a note Friday, the research house said the solid revenue growth was mainly driven by strong contribution from CONSTRUCTION [] and concession divisions, which grew by 38.8% and 5.8% y-o-y respectively.
Nonetheless, due to the one-off provision for expenses in respect of the awards rendered by the Arbitral Tribunals of RM113 million, profit before tax dropped 10.9% y-o-y and resulted to negative growth to the Group’s overall earnings, it said.
“We envisage Gamuda to be well positioned to secure portion of KVMRT Line 2 and form a PDP again backed by its strong track record. To note, construction works for the MRT Line 1 are progressing well at all key locations and 6 TBMs procured have been delivered. The first TBM was successfully launched from the Cochrane launch shaft and commenced boring activity.
“We maintain Buy for Gamuda with target price at RM5.48,” it said.
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