KUALA LUMPUR: CIMB Equities Research said although Gamuda's annualised 9MFY7/11 core net profit was 1% below its forecast (5% higher than consensus), it was above expectations.
It said on Friday, June 24 CONSTRUCTION [] margins topped expectations and property sales surpassed both its and management's targets for the full year.
'As this will help drive 4Q earnings, we raise our FY11-13 EPS forecasts by 2-4% and DPS forecasts by around 1-2%. Gamuda's earnings momentum is building up and it is heading for a record year in FY11.
'We maintain our OUTPERFORM call and nudge up our RNAV-based target price from RM5.60 to RM5.63. Groundbreaking for the MRT project is slated for 8 July, which could be a share price catalyst, together with the strong 3Q results,' it said.
It said on Friday, June 24 CONSTRUCTION [] margins topped expectations and property sales surpassed both its and management's targets for the full year.
'As this will help drive 4Q earnings, we raise our FY11-13 EPS forecasts by 2-4% and DPS forecasts by around 1-2%. Gamuda's earnings momentum is building up and it is heading for a record year in FY11.
'We maintain our OUTPERFORM call and nudge up our RNAV-based target price from RM5.60 to RM5.63. Groundbreaking for the MRT project is slated for 8 July, which could be a share price catalyst, together with the strong 3Q results,' it said.
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