“Gamuda is positioning to tender for the RM30bil-RM40bil KL-Singapore high-speed rail (HSR) project now that the project has better tender time visibility, that is end-2017.
“SPLASH’s current book value is RM2.8bil. We believe that the eventual offer price should be closer to, if not on par with, one time price to book value (P/BV). The last rejected offer was at 0.1 time P/BV,” it said.
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