Gamuda eyes steady gains this year
Analysts remained bullish on the group's prospects, citing robust project visibility and diversification across markets and sectors.
RHB Research noted that Gamuda's core net profit for the nine months ended July 31, 2025 rose 6% year-on-year to RM663mil, in line with expectations.
'Moving forward, the share of local projects for construction revenue is projected to hit 60% by financial year 2027 (FY27) from 29% in FY25 (with a mix of DCs, Penang light rail transit, hydropower and water transfer supply projects) – potentially giving rise to better net margins.'
RHB Research reiterated its 'buy' on Gamuda, with a target price of RM5.64.
Hong Leong Investment Bank Research said the group's order book stood at RM34.6bil as of end-April 2025, with Malaysia accounting for 41%, followed by Australia (30%), Taiwan (21%) and Singapore (7%).
'We like the stock on the back of its accelerating contract wins as it digests a high certainty pipeline, while the recent successful penetration into the Australian RE space (including pumped hydro) would unlock a long-term stream of mega project opportunities.'
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