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Company Update � Gamuda (BUY, maintain)
- Low foreign shareholding We hosted Gamuda for a roadshow in United Kingdom, meeting ten foreign investment firms. Most were not shareholders and wanted an update on the construction sector and Gamuda. There were some concerns on Malaysia�s political and macroeconomic environment but most agree on the good prospects for Gamuda. Potential new contracts of RM3-4bn could lift earnings. Gamuda remains our top BUY among large-cap construction stocks with RNAV-based target price of RM5.70.
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| For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports. |
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