Gamuda's Rasau Setback Compensated By Ulu Padas Progress
Gamuda's Rasau Setback Compensated By Ulu Padas Progress
Gamuda Berhad (Gamuda) is making significant strides with its Ulu Padas Hydroelectric Project, despite a recent setback at its Rasau site. On 6 September 2024, Gamuda, through its joint venture Upper Padas Power Sdn Bhd (UPPSB), accepted a Letter of Notification from the Energy Commission of Sabah for the development of the 187.5MW hydroelectric project. This development is expected to deliver approximately 1,052GWh of clean energy annually from its dam construction in Tenom and Sipitang, Sabah.
Gamuda Berhad（Gamuda）在其烏魯帕達斯水電項目取得了重大進展，儘管其拉絨工地最近有所挫折。2024年9月6日，Gamuda通過其合資企業Upper Padas Power私人有限公司（UPPSB）接受了沙巴能源委員會發出的一封通知信，該信涉及開發一座187.5兆瓦的水電項目。預計該項目將從位於沙巴的Tenom和Sipitang的毀壩施工每年提供約1,052千兆瓦時的清潔能源。
The project is set to commence construction in 2025, with a planned completion within six years, and a commercial operational date slated for 31 December 2030. The hydroelectric scheme will also incorporate a floating solar solution, operational by the end of 2031. The total cost of the project is estimated at RM4 billion, with Gamuda's share in the Engineering and Construction (E&C) segment valued at RM2 billion, potentially increasing its order book by over 8% from RM24.2 billion as of April 2024. This project will provide Gamuda with dual revenue streams: construction profits over the next six years and recurring income from power generation thereafter.
該項目計劃於2025年開始施工，並在六年內完成，商業運營日期定於2030年12月31日。該水電方案還將包括一個浮動太陽能解決方案，預計將於2031年底開始運營。該項目的總成本估計爲40億馬元，Gamuda在工程建設（E&C）板塊的份額估值爲20億馬元，有望使其訂單簿從2024年4月的242億馬元增長超過8%。該項目將爲Gamuda提供雙重收入來源：未來六年的施工利潤和隨後的發電收入。
In light of these developments, several analysts have weighed in. Maybank Stock Broking House maintains a BUY call with a revised target price of RM8.00, reflecting a 11% upside from the current share price of RM7.41. The firm highlights the strong potential of Gamuda's long-term earnings from the project. RHB Stock Broking House also maintains a BUY recommendation with a target price of RM9.68, citing the project's role in enhancing Gamuda's position in the renewable energy sector. Kenanga Stock Broking House, in the same thinking as other analysts, has upgraded its call to MARKET PERFORM with a slightly increased target price of RM7.54, noting that while the project promises a steady stream of income, its full impact will be realised beyond the current forecast period.
鑑於這些進展，一些分析師發表了評論。馬來亞銀行證券經紀公司維持買入評級，並將目標價上調至8.00馬元，反映了當前股價7.41馬元的11%上漲空間。該公司強調了Gamuda從該項目中獲得的長期盈利潛力。RHb證券經紀公司也維持買入推薦，並設定目標價爲9.68馬元，稱該項目將增強Gamuda在可再生能源領域的地位。同其他分析師的想法一樣，肯昂嘉證券經紀公司將其評級升級爲市場表現，目標價略有上調至7.54馬元，並指出該項目雖然承諾穩定的收入流，但其全部影響將在當前預測期之後實現。
Separately, Gamuda has encountered a challenge at its Sungai Rasau water supply scheme site in Puchong. A collapse of a pond embankment has halted construction activities. Despite this disruption, initial assessments suggest that the overall project completion date of June 2025 remains intact. The Rasau project, which was 15% completed as of April 2024, involves remaining works valued at RM1.7 billion.
另外，Gamuda在蒲種的淡水壩水源策劃工地遇到了挑戰。一處散池堤岸的坍塌使施工活動暫停。儘管有這個干擾，初步評估表明2025年6月的整體項目完成日期仍然不變。到2024年4月爲止，拉絨項目已經完成了15%，剩餘工程估值爲17億馬元。
譯文內容由第三人軟體翻譯。