In today’s briefing:
- Gamuda (GAMU.KL) – Smart 2
Gamuda (GAMU.KL) – Smart 2
- A winning resolution; maintain BUY
- “Sponge city” concept, with 22km of tunnels
- Over 2 phases, under PPP 3.0
- Rising to the occassion
Gamuda’s proposal for a SMART 2 flood mitigation system in western Klang Valley (downstream of the Klang River), if it materialises, should provide a winning resolution to the government and population there. For Gamuda, this project would further uplift its E&C profile, and bring it closer to its MYR20b orderbook target (MYR10.4b now) by mid-2023 (end-FY23). Our earnings forecasts have upside potential, depending on the project value and timeline. No change to our MYR4.28 RNAV-TP.
Before it’s here, it’s on Smartkarma
