HLIB Research maintains Buy on Gamuda, target price RM5.67

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KUALA LUMPUR (Dec 17): Hong Leong IB Research (HLIB) has maintained its “Buy” rating on Gamuda Bhd with an unchanged target price of RM5.67 and said the company’s 1QFY15 PATMI of RM186 million (+12% y-o-y, -7% q-o-q) was within expectations.

In a note Wednesday, the research house said tenders for the MRT Line 2 was expected in 4Q15, with awards in 1Q16.

“Gamuda will also be submitting its PDP proposal for the Penang Transport Masterplan.

“Property sales was hit, particularly Horizon Hills due to weak Iskandar market.

“Maintain Buy, target price RM5.67,” it said.