KUALA LUMPUR: Hwang DBS Vickers Research said Gamuda remains on its high conviction list as the most leveraged proxy to the mass rapid transit (MRT) and long term structural change in Vietnam's property market.
In its research note on Thursday, Jan 27 , it said Gamuda remains an unjustified laggard against closest peer, IJM.
HDBSVR said the MMC-Gamuda JV's appointment as PDP for the RM36 billion MRT could be a prelude to the RM14 billion tunneling works. It could add RM2 a share (DCF methodology) if we factor in only 50% of value. Of the 55km initial Sg. Buloh-Kajang line, 10km is underground with a potential contract value of RM3 billion to RM4 billion.
The current time line is for some tenders to open in April and works to start in July.
'We understand there is a new consultant - Halcrow ' who will by May come up with a definitive alignment for the red and circle lines. The previous alignment was considered flawed because the circle line was centred on the KL Sentral/Bangsar area,' it said.
In its research note on Thursday, Jan 27 , it said Gamuda remains an unjustified laggard against closest peer, IJM.
HDBSVR said the MMC-Gamuda JV's appointment as PDP for the RM36 billion MRT could be a prelude to the RM14 billion tunneling works. It could add RM2 a share (DCF methodology) if we factor in only 50% of value. Of the 55km initial Sg. Buloh-Kajang line, 10km is underground with a potential contract value of RM3 billion to RM4 billion.
The current time line is for some tenders to open in April and works to start in July.
'We understand there is a new consultant - Halcrow ' who will by May come up with a definitive alignment for the red and circle lines. The previous alignment was considered flawed because the circle line was centred on the KL Sentral/Bangsar area,' it said.
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