Broker Name: Maybank Investment Bank Berhad
Date of Report: April 20, 2026
Excerpt from Maybank report.
Report Summary
- Stock: Gamuda (GAM MK)
- Action: BUY (Maintained)
- Target Price: MYR 5.30 (SOTP-based, unchanged)
- Last Price (at report): MYR 4.37
- Key Highlight: Gamuda secured a MYR1.72 billion contract to construct a hyperscale data centre in Port Dickson, Malaysia. This increases its total outstanding orderbook to MYR45.5 billion, with year-to-date new job wins at MYR15.1 billion.
- Financial Impact: Assuming an 8% pre-tax margin, the new contract will add approximately MYR100 million to core net profit over two years. Importantly, the contract includes a cost pass-through element, minimizing margin risk.
- Outlook: Earnings estimates are unchanged, with further job wins anticipated. Maybank expects the remaining 40% of FY26E new jobs to be awarded soon, supporting robust growth prospects.
- Investment Thesis: Gamuda remains a leading engineering and construction player with record orderbook and strong pipeline. The recommendation is supported by a positive earnings outlook and potential for further contract wins.
Above is an excerpt from a report by Maybank Investment Bank Berhad. Clients of Maybank Investment Bank Berhad can be the first to access the full report from the Maybank Investment Bank Berhad website: https://www.maybank.com/investment-banking
