PETALING JAYA: GDB Holdings Bhd
’s earnings outlook has strengthened following its RM877mil logistics hub contract win, which lifted its outstanding order book to a record RM2.93bil and extended earnings visibility until financial year 2031 (FY31), according to Apex Securities Research.
The research house raised its earnings forecasts for FY26, FY27 and FY28 by 2.3%, 14.5% and 15.4%, respectively, to RM76.8mil, RM89.4mil and RM83.3mil.
The revisions followed year-to-date contract wins of RM2.69bil, exceeding its previous FY26 order book replenishment assumption of RM2bil.
Apex Securities Research increased its FY26 replenishment assumption to RM3bil while maintaining its FY27 and FY28 assumptions at RM900mil each.
Based on an estimated profit-after-tax margin of 5%, Apex Securities Research expects the logistics hub contract to contribute approximately RM43.9mil in cumulative profit after tax over its 34-month duration.
The estimated annual contribution of RM15.5mil is equivalent to about 17.3% of its FY27 core net profit forecast.
“The award is the largest logistics hub project in the Group’s history and marks its second industrial facility for the same multinational developer, reinforcing its position in the Klang Valley logistics segment, where it delivered Metrohub 4 on July 9, 2026, 45 days ahead of schedule,” said Apex Securities Research in a note.
According to Apex Securities Research, execution risk is considered manageable given GDB Holding’s track record of early handovers.
This includes the KL International Hospital, completed five days ahead of schedule on Aug 10, 2026.
However, the simultaneous ramp-up of Wolo Hotel & Residences Mont Kiara KL, ParkCity Residences and the logistics hub would test its project management capacity and working capital, said Apex Securities Research.
GDB Holding’s outstanding order book is equivalent to approximately 3.9 times its FY25 revenue. Meanwhile, its tender book stands at approximately RM2.5bil, comprising prospective industrial, data centre, commercial, mixed-use, infrastructure and residential projects.
Apex Securities said demand for logistics and warehousing space in the Klang Valley continued to be supported by eCommerce and supply chain relocation.
