As at end-October, Gamuda’s order book stood at RM37bil, slightly below its end-2025 target of RM40bil to RM45bil.
PETALING JAYA: Gamuda Bhd
’s latest appointment as the early contractor involvement (ECI) partner for Mortlake Energy Hub project in Victoria, Australia is expected to significantly enhance the group’s prospects as the delivery partner for the project’s main construction package, says TA Research.
In a report, the research house said given Gamuda’s established track record in delivering large-scale infrastructure and renewable energy (RE) projects in Australia, it views the likelihood of the group securing the main works contract as “high.”
Last Friday, Gamuda via its wholly-owned subsidiary Gamuda Australia, was shortlisted by Yanara (formerly BrightNight Asia Pacific) as the project delivery partner for the ECI phase of the Mortlake Energy Hub, the largest integrated hybrid RE development in South-Western Victoria.
TA Research noted this appointment further reinforces Gamuda’s growing presence in Australia’s energy transition space and aligns well with its strategy to expand exposure to RE and battery storage infrastructure related construction.
“Based on an assumption of a conservative RM3mil per megawatt construction cost for 450MW solar farm and RM1mil per megawatt-hours construction cost for Battery Energy Storage Systems, we estimate the main construction package could translate into approximately RM3.8bil of potential new order book for Gamuda,” TA Research pointed out.
If secured, this would meaningfully enhance the group’s order book replenishment visibility heading into 2026.
All in all, TA Research said it continues to view Gamuda as a leading contender for major infrastructure awards in Australia, underpinned by its strong execution track record as well as its established local presence via Gamuda Engineering Australia and DTI Infrastructure.
This positions the group to benefit from Australia’s sizeable infrastructure pipeline, supported by the AU$17.1bil allocation for road and rail projects under the 2025–2026 federal budget.
In parallel, Gamuda’s expanding exposure to the RE segment through DTI’s growing engineering, procurement, construction and commissioning capabilities, further enhances its order book replenishment prospects.
TA Research said it made no changes to Gamuda’s earnings forecasts given the job win is within expectations.
It has reiterated a “buy” call on the stock and kept the target price at RM6.58 per share.
