Monday, September 12, 2011

Gamuda down after Maybank IB cuts FY12-13 net profit forecast

KUALA LUMPUR: GAMUDA BHD [] shares declined in the afternoon session on Monday, Sept 12 after Maybank IB Research tweaked its FY12-13 net profit forecasts for Gamuda by 1% after factoring lower sales forecast for the Vietnam property projects.

The research house also reduced its RNAV-based target price for Gamuda to RM4.10 (-8%) after adjusting for lowered GDVs for the Vietnam projects and other house-keepings.

At 2.45pm, Gamuda fell nine sen to RM2.94 with 3.77 million shares done.

Maybank however maintained its Buy call on the stock and said Gamuda's final results, due on Sept 29, should meet expectations for record profits in FY11.

'We forecast FY12 to be another record year, on strong domestic property sales locked in.

'The stock remains our top pick in CONSTRUCTION [],' it said.


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