Results Note � Gamuda (BUY, maintain)

Top Calls

Results Note � Gamuda (BUY, maintain) - Earnings rebound expected in FY17 Gamuda�s FY16 result was within market and our expectations. Net profit fell 8% yoy to RM626m in FY16 on lower construction and property earnings. Strong property pre-sales of RM2.05bn in FY16 was a positive surprise. Current construction order book of RM17bn and unbilled property sales of RM1.2bn will underpin the earnings rebound of 15% yoy in FY17E. We reiterate our BUY with a raised RNAV-based target price of RM5.74.

Other Calls

Results Note � SapuraKencana (HOLD, maintain) - No change in guidance

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