Last Traded Price (24 Jun 2021): RM3.12 (KLCI : 1,555.71)
Price Target 12-mth: RM4.60 (47% upside) (Prev RM4.60)
Tjen San CHONG,CFA +60 3 26043972

Higher value for MRT 3
Investment Thesis:
Strong 3Q but MCO will impact 4Q. Gamuda (GAM) posted a strong 3QFY21 headline net profit of RM142m (>3 fold y-o-y), bringing 9MFY21 net profit to RM374m (-4% y-o-y). There was no dividend declared and there will likely be none for FY21, as GAM is looking to conserve cash in spite of its gearing level falling to 21% as at 30 April 2021. 3QFY21 construction pre-tax profit increased by 18% q-o-q and 182% y-o-y to RM91m, anchored by advanced progress for MRT 2 while 3QFY21 presales stood at RM0.7bn – bringing 9MFY21 presales to RM2.2bn (+83%y-o-y) and matching 12MFY20 figures.