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Friday, March 25, 2011

Gamuda rated Buy $4.50 Target Price

Just this week, Gamuda has been rated at Buy by 3 research house averaging a target price of $4.50.

OSK rates a high 4.96 target price stapling the imminent underground MRT ETP as the basis.

CIMB rates it higher at 5.60 target price.
It said on Friday, March 25 that it expects 2H11 to be stronger due to the gradual rise of CONSTRUCTION  margins as key projects enter their mature phase.

'The reason for the deviation was our underestimation of EBIT margin. We now up our FY11-13 EPS forecasts by 8-10%, which raises our RNAV-based target price from RM5.45 to RM5.60,' it said.

CIMB Research said these strong results could catalyse the stock, along with project awards and newsflow on the MRT project for which Gamuda is the PDP and potentially the contractor for the tunnelling works. 

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