Gamuda To Have Improved Performance On Robust Order Book And New Project Wins
Gamuda To Have Improved Performance On Robust Order Book And New Project Wins
Analysts from MIDF Amanah Investment Bank Bhd (MIDF Research) and RHB Investment Bank Bhd (RHB Research) have reaffirmed their BUY recommendations on Gamuda Bhd, citing strong prospects in both domestic and international markets.
MIDF Amanah Investment Bank Bhd(MIDF Research)和印度兴业银行有限公司(RhB Research)的分析师重申了对Gamuda Bhd的买入建议,理由是国内和国际市场前景光明。
On that note, MIDF Research maintained its target price (TP) at RM10.68, reflecting an 11.3% potential upside, while RHB Research set a higher TP of RM11.67, anticipating a 22% upside. Both research houses expect improved performance in the coming quarters, supported by robust order book growth and new project wins.
就此而言,MIDF Research将其目标价格(TP)维持在10.68令吉,反映了11.3%的潜在上涨空间,而RhB Research则设定了更高的目标价为11.67令吉,预计上涨幅度为22%。两家研究机构都预计,在强劲的订单量增长和新项目获胜的支持下,未来几个季度的业绩将有所改善。
Gamuda reported a core net profit of RM199.8 million for the first quarter of the financial year 2025 (1Q25), a modest year-on-year (YoY) increase of 2.9%. Although the result slightly missed expectations, analysts view it as within forecasts due to the anticipation of stronger quarters ahead.
金木达报告称,2025财年第一季度(25年第一季度)的核心净利润为19980万令吉,同比(同比)温和增长2.9%。尽管业绩略低于预期,但由于预计未来季度将走强,分析师认为其在预期之内。
MIDF Research noted that construction revenue surged by 37.9% YoY to RM3.09 billion, driven largely by overseas projects, with construction net profit rising 20% to RM141.5 million. RHB Research, meanwhile, highlighted the improved net margin in the construction division, which rose to 4.6% from 4% in the previous quarter, bolstered by an increased mix of domestic projects.
MIDF Research指出,建筑收入同比增长37.9%,至30.9令吉,这主要是由海外项目推动的,建筑业净利润增长20%,至14150万令吉。与此同时,RhB Research强调,在国内项目组合增加的推动下,建筑部门的净利润率从上一季度的4%上升至4.6%。
The group's order book remains a key growth driver, standing at RM30 billion as of October 2024. MIDF Research anticipates it could expand to between RM40 billion and RM45 billion by the end of 2025, with upcoming awards including the Penang Light Rail Transit project and a water supply scheme in Sabah. Similarly, RHB Research expects Gamuda to secure an additional RM18 billion in projects for FY2025, further solidifying its pipeline.
该集团的订单量仍然是关键的增长动力,截至2024年10月,该集团的订单量为300令吉。MIDF Research预计,到2025年底,它可能会扩大到400令吉至450令吉之间,即将颁发的奖项包括槟城轻轨交通项目和沙巴州的供水计划。同样,RhB Research预计,Gamuda将额外获得180令吉的 FY2025 项目,从而进一步巩固其产品线。
In the property segment, Gamuda's revenue climbed 81.9% year-on-year to RM1.10 billion; however, net profit dipped by 17%, attributed to the completion of the Celadon City project in Vietnam. MIDF Research noted that quick-turnaround projects such as Eaton Park Phase 2, which achieved RM1 billion in sales within a weekend, are expected to bridge this gap. RHB Research added that other Vietnam-based developments, including Hai Phong, are likely to contribute to earnings growth alongside the group's RM6.9 billion in unbilled sales.
在房地产领域,Gamuda的收入同比增长81.9%,至11令吉;但是,由于越南青瓷城项目的完成,净利润下降了17%。MIDF Research指出,诸如伊顿公园第二阶段之类的快速周转项目有望弥合这一差距,该项目在周末内实现了10令吉的销售额。RhB Research补充说,包括海防在内的其他位于越南的开发项目可能会促进收益增长,同时该集团的未开票销售额为69令吉。
Gamuda's venture into digital infrastructure is also drawing attention. The group recently entered into a partnership to deliver Google Distributed Cloud services, targeting an addressable market of RM36 billion. MIDF Research highlighted the group's innovative approach, including bundled offerings of land, water and renewable energy (RE) for data centres.
Gamuda涉足数字基础设施也引起了人们的关注。该集团最近建立了合作伙伴关系,提供谷歌分布式云服务,目标市场为360令吉。MIDF Research重点介绍了该集团的创新方法,包括为数据中心捆绑提供土地、水和可再生能源(RE)。
RHB Research echoed this sentiment, noting the significant opportunities in the RE space in Australia, where Gamuda is eyeing A$25 billion worth of projects.
RhB Research也表达了这一观点,指出澳大利亚可再生能源领域的巨大机遇,Gamuda正在考虑在澳大利亚实施价值250亿澳元的项目。
Both research houses are confident in Gamuda's ability to maintain its upward trajectory, backed by its diversified operations, high-value projects, and strategic ventures into emerging sectors. The stock remains a favourite pick in the construction sector, with analysts highlighting its resilience and strong execution capabilities.
两家研究机构都对Gamuda在其多元化业务、高价值项目和新兴领域的战略投资的支持下保持其上升轨迹的能力充满信心。该股仍然是建筑业最受欢迎的选择,分析师强调了其弹性和强大的执行能力。