PETALING JAYA: Gamuda Bhd
’s involvement in infrastructure development in Australia is likely to grow as its wholly- owned Australian subsidiary DT Infrastructure (DTI) is part of one of two shortlisted consortia for the final tender of the Marinus Link stage one project.
CIMB Securities said the Marinus Link project would be delivered in two stages, with stage one having a capacity of 750MW.
The deployment of the second 750MW capacity under stage two will be implemented at a later date. The indicative cost for stage one is estimated at A$9bil.
Marinus Link is a 345km underground electricity and telecommunications interconnector facility that is jointly owned by the Tasmanian, Victorian and Australian governments.
“We expect the winning bidder for the Marinus Link stage one to be announced by the fourth quarter of 2025. A successful bid would build on another three promising tenders for Gamuda that could potentially translate into RM20bil worth of order book within the next few months,” it said.
Construction works are scheduled to begin in 2026 and completed by 2030. DTI is also bidding for the Owen mountain pumped hydro, Capricornia pumped hydroelectric storage system and the suburban rail loop line-wide works.
In addition, the Gamuda-Seymour Whyte joint venture is one of four contractors that have been shortlisted for the 500 kilovolts transmission line package valued at A$1.1bil or RM3.1bil.
CIMB Securities said the strong contract pipeline validated Gamuda’s strategic pivot towards Australia’s expanding renewable energy market as it is weighing up opportunities worth up to A$25bil over the next two years.
“Given the company’s diversified job flows (data centre projects only account for 6% of its existing order book backlog), we recommend investors to accumulate Gamuda shares,” CIMB Securities said.
Gamuda’s outstanding order book stands at RM37.1bil.
