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NewsRHB Research keeps Gamuda at market perform, FV RM3.78
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RHB Research keeps Gamuda at market perform, FV RM3.78
by hlk Mon 11 Jun 2012, 09:24
KUALA LUMPUR: RHB Research Institute expects Gamuda's nine-months' core net profit to come in at RM355mil to RM365mil that will have met its forecast but trailed the market expectations.
It said on Monday at RM355mil to RM365mil, the core net profit would have grown 19%-22% on-year.
The growth would have been underpinned largely by stronger construction profits on improved margins driven by more stable input costs; and stronger property profits underpinned by recorded property sales over the last one to two years on the back of a property upcycle.
"We do not expect Gamuda's construction margins in 3QFY07/12 to substantially deviate from the normalised level of 10%-15% at the EBIT level, taking the cue from the continued normalisation in margins of peer IJM in its just-released January-March 2012 results, thanks to the comparatively stable input cost environment.
"Fair value is RM3.78. Maintain Market Perform," it said.
It said on Monday at RM355mil to RM365mil, the core net profit would have grown 19%-22% on-year.
The growth would have been underpinned largely by stronger construction profits on improved margins driven by more stable input costs; and stronger property profits underpinned by recorded property sales over the last one to two years on the back of a property upcycle.
"We do not expect Gamuda's construction margins in 3QFY07/12 to substantially deviate from the normalised level of 10%-15% at the EBIT level, taking the cue from the continued normalisation in margins of peer IJM in its just-released January-March 2012 results, thanks to the comparatively stable input cost environment.
"Fair value is RM3.78. Maintain Market Perform," it said.
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