Analysts Reaffirmed Gamuda's BUY Call After Another RE Contract Win
Analysts Reaffirmed Gamuda's BUY Call After Another RE Contract Win
The contract is set to commence in January 2025, with pre-tax profit margins anticipated in the range of 4% to 5%. Both research houses see minimal execution risks, citing DTI's track record, including its completion of the Chichester Solar Farm in Western Australia.
MIDF Amanah Investment Bank Bhd (MIDF Research) and RHB Investment Bank Bhd (RHB Research) have reaffirmed their BUY recommendations for Gamuda Bhd, citing the company's robust project pipeline and international growth trajectory. MIDF Research has maintained a target price (TP) of RM10.68, while RHB Research holds a higher TP of RM11.67, reflecting potential upsides of 13.4% and 22%, respectively.
MIDF Amanah 投資銀行有限公司（MIDF Research）和 RHb 投資銀行有限公司（RHb Research）重申了對 Gamuda Bhd 的買入建議，指出該公司強大的項目管道和國際增長軌跡。MIDF Research 維持目標價（TP）爲 10.68 林吉特，而 RHb Research 則持有更高的目標價 11.67 林吉特，反映出潛在的上漲空間分別爲 13.4% 和 22%。
Gamuda's wholly owned subsidiary, DT Infrastructure (DTI), has been awarded an A$625 million (RM1.77 billion) engineering, procurement and construction (EPC) contract by Lightsource bp Renewable Energy Investments. The project involves constructing the 585MW Goulburn River Solar Farm in New South Wales, Australia. The solar farm, expected to be operational by December 2026, will generate enough renewable energy (RE) to power 225,000 homes while reducing carbon emissions by 910,000 tonnes annually.
Gamuda 全資子公司 Dt Infrastructure（DTI）獲得了 Lightsource bp 可再生能源投資公司授予的 62500萬澳元（17.7億林吉特）工程、採購和施工（EPC）合同。該項目涉及在澳大利亞新南威爾士州建設 585 兆瓦的 Goulburn River 太陽能農場。預計該太陽能農場將在 2026 年 12 月投入運行，將產生足夠的可再生能源（RE）來滿足 225,000 戶家庭的需求，同時每年減少 910,000 噸的碳排放。
MIDF Research noted that the project is a significant milestone in Gamuda's push for RE projects in Australia, aligning with its target to develop a 2GW portfolio of wind and solar projects over the next five years. RHB Research, meanwhile, highlighted that Gamuda's RE-focused projects now account for RM4.7 billion, or 15% of the company's total outstanding order book, which stands at RM31.8 billion.
MIDF Research 指出，該項目是 Gamuda 在澳大利亞推進可再生能源項目的重要里程碑，與其在未來五年內開發 2GW 風能和太陽能項目組合的目標相一致。RHb Research 同時強調，Gamuda 的可再生能源項目目前佔公司總未完成 60檔擺盤的 47億林吉特，即 15%。
The contract is set to commence in January 2025, with pre-tax profit margins anticipated in the range of 4% to 5%. Both research houses see minimal execution risks, citing DTI's track record, including its completion of the Chichester Solar Farm in Western Australia.
該合同將於 2025 年 1 月開始，預期稅前利潤率將在 4% 至 5% 的區間內。兩家研究機構均認爲執行風險較小，引用了 DTI 的業績記錄，包括其完成的西澳大利亞洲的 Chichester 太陽能農場。
Gamuda's current order book is well-positioned within its 2024 target range of RM30 billion to RM35 billion. Management has set an ambitious goal of RM40 billion to RM45 billion by the end of 2025, with additional projects such as the Penang Light Rail Transit and Sabah's Upper Padas Hydroelectric Project expected to contribute significantly.
Gamuda 目前的 60檔擺盤 在其 2024 年目標區間 300億至 350億林吉特內。管理層設定了到 2025 年底達到 400億至 450億林吉特的雄心勃勃的目標，隨着檳城輕軌和沙巴的 Upper Padas 水電項目等額外項目的貢獻，預計將會顯著推動進展。
RHB Research emphasises the strong prospects in Australia's RE market, with A$25 billion worth of projects in the pipeline, spurred by the country's commitment to achieving 82% RE by 2030. MIDF Research sees Gamuda as a leader in Malaysia's construction sector, underpinned by its ability to secure major contracts both domestically and internationally.
RHb Research 強調了澳大利亞可再生能源市場的強勁前景，預計將有價值 250億澳元的項目在管道中，受益於該國致力於到 2030 年實現 82% 可再生能源的承諾。MIDF Research 認爲 Gamuda 是馬來西亞施工板塊的領軍企業，得益於其在國內和國際上獲得重大合同的能力。
譯文內容由第三人軟體翻譯。
