Overshot expectations. 1QFY12 net profit of RM132m (+50% YoY) was 28% of
both our and consensus full-year forecast. Construction margin, at
11.2% gross, surprised on the upside, and management expects this to
sustain. We maintain our earnings forecasts and RNAV-based TP of RM4.10
for now. Gamuda is our top pick in construction, as we remain confident
of a major order book win over the near-term.
Maybank research (19 December 2011)
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