Another RM10-15 Billion In The Pipeline For Gamuda
Another RM10-15 Billion In The Pipeline For Gamuda
Looking ahead, Gamuda is expected to maintain its dividend payout, raising the forecast to 20 sen per share in FY25, up from 16 sen in FY24. The company also announced a proposed 1-for-1 bonus issue, which would double its share base, increasing trading liquidity. The bonus issue is expected to be completed by the fourth quarter of CY2024.Gamuda Berhad has reported another record year for earnings in FY24, with core net profit rising 5.4% to RM907.3 million. This performance was slightly below market expectations, attributed to foreign exchange impacts from the strengthening Ringgit against the Vietnamese Dong and the Australian Dollar. However, stock broking houses from RHB, Maybank, and MIDF have maintained a BUY call on Gamuda, with target prices ranging from RM8.70 to RM9.79, citing strong growth prospects driven by its construction and property divisions. The company's ability to secure substantial projects both domestically and internationally has contributed to its robust order book, which is expected to reach RM35 billion by the end of CY2024.
Gamuda Berhad報告稱，在FY24再次創下新高的盈利記錄，核心淨利潤增長5.4%，達到RM90730萬。這表現略低於市場預期，主要歸因於馬幣對越南盾和澳大利亞元升值帶來的匯率影響。然而，RHB、馬來亞銀行和MIDF等股票經紀公司仍然建議買入Gamuda，目標股價在RM8.70至RM9.79之間，稱公司的建築和地產部門帶來了強勁的增長前景。該公司成功獲得大量國內和國際項目，進而導致其強勁的60檔擺盤，預計到CY2024年底將達到RM350億。
Analysts are particularly optimistic about Gamuda's upcoming project pipeline, with expectations of RM10-15 billion in new projects over the next two quarters. These projects include the Upper Padas Hydro project, the Penang Light Rail Transit (LRT), and several renewable energy jobs in Australia. The company's construction revenue grew significantly by 71.4% to RM10.6 billion in FY24, with 84.5% of that stemming from overseas projects. Although construction net profit remained flattish at RM501.3 million due to lower margins from international projects, margins are expected to improve as more high-margin local projects come on board in FY25.
分析師特別看好Gamuda即將啓動的項目計劃，預計未來兩個季度將有RM100-150億的新項目。這些項目包括Upper Padas水電項目、檳城輕軌交通(LRT)以及澳洲的幾個可再生能源項目。公司的建築收入在FY24年增長了71.4%，達到RM106億，其中84.5%來自海外項目。雖然因國際項目利潤率較低，建築淨利潤仍保持在RM50130萬，但隨着更多高利潤的本地項目在FY25年加入，預計利潤率將改善。
Gamuda's property division also saw impressive growth, with sales hitting RM5 billion in FY24, up 22% year-on-year. The company is setting a higher target of RM6 billion in property sales for FY25, supported by two new quick turnaround projects in Ho Chi Minh City, Vietnam. The division's net profit surged by 30.5% to RM410.8 million, although margins were slightly affected due to the completion of its high-margin Celadon City project. The unbilled property sales stood at RM7.7 billion by the end of July 2024.
Gamuda的地產部門也取得了令人矚目的增長，FY24年銷售額達到RM50億，同比增長22%。公司爲FY25年制定了更高的RM60億地產銷售目標，其中包括越南胡志明市的兩個快速回報項目提供支持。該部門的淨利潤增長了30.5%，達到RM41080萬，儘管利潤率因高利潤Celadon City項目的竣工受到一定影響。到2024年7月底，待結轉的地產銷售額爲RM77億。
Looking ahead, Gamuda is expected to maintain its dividend payout, raising the forecast to 20 sen per share in FY25, up from 16 sen in FY24. The company also announced a proposed 1-for-1 bonus issue, which would double its share base, increasing trading liquidity. The bonus issue is expected to be completed by the fourth quarter of CY2024.
展望未來，預計Gamuda將維持其股息支付，將FY25每股股息預測上調至20仙，高於FY24年的16仙。該公司還宣佈提議進行1比1的紅股配售，將其股本翻倍，增加交易流動性。這項紅股配股預計將在2024年第四季度完成。
譯文內容由第三人軟體翻譯。