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KUALA LUMPUR: RHB Research is keeping its Buy recommendation on Gamuda with a fair value of RM4.49.
It said on Friday Gamuda has targeted local jobs worth about RM10bil over the immediate term.
They comprise of the Langat 2 water treatment plant (RM1.5bil); tunneling package for Line 2 of the Klang Valley MRT project (RM4.5bil) and the Southern (Gemas-Johor Bahru) Double Tracking project (RM4bil).
RHB Research said Gamuda was working on a proposal on the KL-Singapore high-speed rail, to be submitted to the government.
“Gamuda is mindful that unlike the Klang Valley MRT project, it does not have an edge over rivals as the KL-Singapore high-speed rail is not its brainchild and the project does not require massive tunneling where Gamuda’s key strength lies,” it said.
The research house said Gamuda also does not have any more outstanding material contract dispute with any client or supplier.
As for property sales, Gamuda recorded about RM950mil in the first eight months of FY13 (vis-vis its full-year target of RM1.35bil), driven predominantly by MYR550m sales from Horizon Hills in Iskandar.
RHB Research maintains Buy on Gamuda, fair value RM4.49 - The Star Online
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