Results Note � Gamuda (BUY, maintain)

Top Calls

Results Note � Gamuda (BUY, maintain) - Better earnings visibility Gamuda�s 3QFY16 results were in line with expectations. Net profit fell 10% yoy to RM474m for 9MFY16 on lower construction and property earnings. We believe earnings will bottom in FY16 and rebound in FY17 as the RM30bn Klang Valley MRT Line 2 (MRT2) project starts to contribute earnings. Securing the project has improved earnings visibility over the six-year construction period. Gamuda is among our market and sector top BUYs with RNAV-based target price of RM5.70.

Other Calls

Results Note � HAI-O (SELL, maintain) - MLM division rises among weaker divisions

Morning News & Market Summary

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