PETALING JAYA: Gamuda Bhd
, which secured close to RM11bil in projects in Australia last week, is anticipated to hit RM50bil in terms of order book by the end of next year.
RHB Research said the company “is potentially looking at a target order book level of between RM50bil and RM55bil by the end of 2026”.
It added that with the order book near RM46bil at the end of 2025 and assuming an annual burn rate of RM15bil, it would need to replenish RM20bil to RM25bil worth of new jobs in 2026 to hit the target.
“We view this to be achievable, as Gamuda is pursuing tenders totalling up to RM50bil (around RM10bil domestically, RM30bil from Australia and RM10bil from both Singapore and Taiwan),” it said.
It has maintained a “buy” call and target price (TP) of RM7.
For the financial year ending July 31, 2026 (FY26), the company has to date secured RM13bil in new projects.
RHB Research projected Gamuda to replenish RM20bil in projects for FY26.
Analysts have maintained their earnings estimates for the company and expect next year to be what Hong Leong Investment Bank (HLIB) Research said would be “eventful”.
HLIB Research has maintained its “buy” call and TP of RM6.88.
“The company aims to maintain rolling RM50bil worth of tenders, providing sustained visibility into new wins beyond the near-term pipeline,” it said, noting that the RM45.9bil current order book marked a new high and exceeds the management’s target of RM40bil to RM45bil.
MBSB Research said replenishment prospects in 2026 would be coming from water, data centre, rail, highway and renewable energy projects.
It believes more opportunities may be in store for the company in Australia, having been shortlisted for several packages.
MBSB Research has maintained its “buy” call and TP of RM6.35.
Kenanga Research, which has maintained its “outperform” call and TP of RM6.13, has also kept its FY26 and FY27 new job win assumptions of RM22bil and RM27bil as well as property sales assumptions of RM4.9bil and RM5bil, respectively.
Maybank Investment Bank Research, which has maintained its “buy” call and TP of RM5.79, said the recent projects secured make up 53% of its FY26 forecast estimates.
