Broker: CGS International
Date of Report: April 17, 2026
Ticker: GAM MK / GAMU.KL
Excerpt from CGS International report.
Report Summary
- Action: Add (Buy)
- Target Price: RM5.78 (upside: 34.1%)
- Current Price: RM4.31
- Most Important Idea: Gamuda won a RM1.72bn data centre (DC) contract in Port Dickson from an existing US MNC client, marking the first phase of a potentially much larger development with a total potential value of RM16bn-18bn.
- Orderbook Progress: With this win, Gamuda’s orderbook increased to RM45.5bn as of April 2026. The company needs to secure another RM15bn in projects by end-2026 to achieve its RM50bn target.
- Key Pipeline: Gamuda is a frontrunner for further DC contracts at the same site and is bidding for high-margin, ‘shovel ready’ projects such as the Sabah water treatment plant (c.RM4bn), as well as renewable energy and infrastructure projects in Australia, Taiwan, and Singapore.
- Margin Guidance: Expected pre-tax margin for the DC contract is 8% (cost plus basis).
- Risks: Delays in contract awards and higher raw material costs; re-rating catalysts include more wins, falling material costs, and stronger property sales.
above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com
