Gamuda: Maintain Buy - Another Record Year In The Making

• Maintain BUY; MYR4.10 RNAV-based target price. Gamuda should be on track to deliver record profits with FY7/12 results likely to meet expectations. This will represent a 24% YoY growth based on house and street net profit estimates. We maintain our FY7/13-14 forecasts, with FY7/13 looking set to be another record year for earnings. The stock remains a BUY on a 12M view, although share price upside could be capped in the near term alongside the broader market, pending the 13th general election (parliament dissolution due by Apr 2013).

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Source: Maybank Research - 21 Sep 2012