Broker: CGS International
Date of Report: April 17, 2026
Excerpt from CGS International report.
Report Summary
- Stock Focus: Gamuda (GAM MK)
- Action: Add (Buy)
- Target Price: RM5.78
- Current Price: RM4.31
- Key Highlight: Gamuda secured a RM1.72bn data centre (DC) contract in Port Dickson, Negeri Sembilan, Malaysia from an existing US multinational client. This contract marks the first phase of a larger 389-acre DC site and positions Gamuda as a frontrunner for future DC development jobs directly awarded by Pearl Computing.
- Orderbook & Outlook: The win brings Gamuda’s orderbook to RM45.5bn as of April 2026. The company aims to achieve a RM50bn orderbook by end-CY26F and needs to secure another RM15bn in new projects. Key potential wins include additional DC projects and the Sabah water treatment plant (c.RM4bn).
- Financials & Margins: Expected pretax margin for the new DC job is 8%. The orderbook is diversified with visible future contract pipeline.
- Risks: Delays in contract awards and higher raw material costs. Upside catalysts include further construction wins and stronger property sales.
Ticker: GAM MK
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/
