The research house said on Friday the group’s first half of financial year 2015 (1HFY15) results made up 50% of its full year net profit estimates and 48% of consensus estimates.
It expects the second half of the year results to be below the first half. Hence, it maintains its FY15 forecast net profit of RM 738mil.
“Overall progress for the elevated and tunnelling portions of MRT 1 have reached 61% and 50%, respectively,” it said
“The joint-venture should also be in the running for the tunnelling job, where major works packages should be out from mid-2016 onwards,” it noted.
It said although the group’s unbilled property sales accounted for RM1.5bil, but the management expects softening of the local property market particularly in Johor in 2015 and 2016.
Gamuda has been actively expanding its landbank through various acquisitions in Kuang, Kundang, Kota Kemuning, and a 1,530- acre tract fronting ELITE that can be developed into future townships.
"Apart from the MRT 2 project, we envisage several share price catalysts coming up for Gamuda:- (i) the PDP for the Penang Transport Master Plan, (ii) renewed hopes of a resolution for SPLASH and (iii) potential inclusion into the FBM KLCI 30 Index," AmResearch said.