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Results Note � Gamuda (BUY, maintain)
- Earnings decline likely for FY15E Gamuda�s 3QFY15 result was below market and our expectations. Construction and property earnings are easing faster than expected. Progress billing on the Klang Valley Mass Rapid Transit Line 1 (MRT1) project is easing after peaking in 2QFY15 while property presales remains weak. We cut our FY15-16E earnings by 1-5% to reflect lower construction revenue and profit margin. Nonetheless, prospects for Gamuda to grow its order book over the next 12 months are good. Gamuda remains our top BUY in the sector with an RNAV-based 12-month target price of RM5.65.
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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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