PETALING JAYA: Gamuda Bhd
has amassed RM36bil worth of new jobs in the financial year 2026 (FY26), boosting its outstanding order book to RM61.2bil as of July this year, says CIMB Research.
The group’s latest FY26 core net profit of RM1.05bil also met the research house’s expectations, accounting for 105% of its own and 101% of consensus’ full-year estimates.
CIMB Research noted that the modest 5% year-on-year (y-o-y) growth in the FY26 bottom line was mainly driven by 20% y-o-y growth in construction pre-tax profit.
This offset a 3% y-o-y contraction in property billings, which was mainly due to administrative delays for certain key launches in Hanoi, Vietnam.
According to CIMB Research, Gamuda’s new order book wins for FY26 almost tripled to RM36bil from RM12bil in FY24.
This lifted Gamuda’s outstanding order book to RM61.2bil as of July 2026, exceeding its end-2026 target of RM50bil.
Besides Australia, the research house said Gamuda is aiming to crystallise some of its high-conviction bids, including additional work packages worth up to RM8.1bil under the Xizhi Donghu Mass Rapid Transit and two extension lines in Taiwan, and the Northern Perak Water Supply Scheme (RM4bil to RM5bil).
Meanwhile, backed by RM10bil worth of new launches, Gamuda projected new property sales to grow by 2.2 times y-o-y to nearly RM7bil in FY27.
This is anchored by the expected launch of the Chencharu Close land in Singapore, where Gamuda holds a 50% share of the RM3.3bil gross development value.
It is also supported by four new launches in Vietnam, including Central Park @ Gamuda City, which is slated for launch by the first quarter of 2027 (1Q27).
Over in London, Gamuda is stepping up negotiations to pre-let 75 London Wall ahead of its targeted completion by 1Q28, said CIMB Research.
Given the group’s sustained order book pipeline and improving construction margins, the research house raised Gamuda’s FY27 and FY28 core profit forecasts by 4% and 1% to RM1.24bil and RM1.55bil, respectively.
CIMB Research has maintained a “buy” call on the stock, with a higher target price of RM6.10 a share from RM6 previously.
Key upside risks for the company include more contract wins and a revival of property sales, while key downside risk are lower-than-expected tenancy levels for Silicon Island and 75 London Wall.
