Broker: CGS International
Date of Report: April 17, 2026
Excerpt from CGS International report.
Report Summary
- Stock Focus: Gamuda (GAM MK)
- Action: ADD (Reiterate Add call)
- Target Price: RM5.78
- Current Price: RM4.31 (at report date)
- Key Idea: Gamuda won a RM1.72bn data centre (DC) contract in Port Dickson, Negeri Sembilan, Malaysia from an existing US multinational client. This contract is part of a larger DC development pipeline at the 389-acre Pearl Computing site, with potential future contracts valued up to RM16-18bn.
- Orderbook Update: With this win, Gamuda’s orderbook reaches RM45.5bn (as of April 2026). The company aims to achieve RM50bn orderbook by end-CY26F, requiring another RM15bn in new wins.
- Key Highlights:
- Pretax margin for the new DC contract is expected at 8% (cost-plus basis).
- Gamuda is a frontrunner for further DC jobs with Pearl Computing and is bidding for other major projects, including a c.RM4bn Sabah water treatment plant and renewable energy/infrastructure projects in Australia, Taiwan, and Singapore.
- Implications: The company’s diversified and expanding orderbook, visible pipeline, and sector leadership support the positive rating. Downside risks include contract award delays and higher raw material costs; catalysts include more wins and lower input costs.
- Consensus Ratings: Buy 21, Hold 0, Sell 0
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
