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CIMB Research maintains Overweight on Construction, Gamuda top pick

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CIMB Research maintains Overweight on Construction, Gamuda top pick Empty CIMB Research maintains Overweight on Construction, Gamuda top pick

Post by Cals Tue 10 Jun 2014, 03:12

CIMB Research maintains Overweight on Construction, Gamuda top pick
Business & Markets 2014
Written by theedgemalaysia.com   
Monday, 09 June 2014 09:36
KUALA LUMPUR (June 9): CIMB Research has maintained its Overweight rating on the construction sector and said Gamuda Bhd remains its top pick as the biggest beneficiary of the Mass Rapid Transport (MRT) project.

In a note Monday, the research house said the Land Public Transport Commission's (SPAD) updates on the status of the KL-Singapore high speed rail (HSR) project highlighted that the targeted start of works is in end-2015.

The research house it was positively surprised on the conviction, as the project had yet to complete its feasibility studies.

“Nevertheless, it is overall encouraging that the government remains committed in this high-impact project over the longer-run.

“We believe YTL Corp could be the main beneficiary if the award takes on a PFI/PPP structure (vs a full government financing ) given its balance sheet.

“If the HSR takes off next year, it is a double bonus for the sector as MRT 2 should start too. Maintain Overweight. Gamuda remains our top pick; the biggest beneficiary of the MRT,” it said.
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