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Results Note - Gamuda
(ADD, downgrade)
- Property sales slow but landbanking continues FY14 core net profit is within expectations. Progress for the Line 1 contract is good and the group is waiting for its formal appintment as the PDP and underground works contractor for Line 2. Negotiation on the pricing and sale of SPLASH is expected to resume soon while a likely debt retructuring of Kesas will also free up cash flows. But property sales have slowed and FY15E target has been cut by 8%. FY15E-FY16E EPS forecasts are cut by 5%-6% and target price lowered to RM5.30. At current price, stock rating is nudged down to ADD. A speical dividend after the sale of SPLASH remains possible.
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Other Calls
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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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