Gamuda’s 1QFY20 numbers are deemed above our estimates, meeting 29.8% though in-line with consensus at 25.9% of full-year forecast. This is due to delays in the sale of the highway concessions to the Government, contributions of which had already been excluded. Overall, the Group reported a flat 1QFY20 core net profit of RM173.1m (-0.8% YoY) though falling 13.5% QoQ from RM200.2m in 4QFY19. Performance for the quarter was supported by its property segment with pretax profit jumping by 37.1% YoY while PBT margin expanded by 1.7ppt to 12.1%, mitigating lower earnings from the construction segment as a result of the reduction in MRT Line 2’s contract value. We revise our FY20 earnings estimate higher by 13.1% to reflect contribution from its highway concessions up to 3QFY20, as the deal is now only expected to be completed in April/May 2020. Our FY21/22 forecasts are maintained. Construction orderbook and unbilled property sales remain healthy at RM8.6bn and RM2.2bn respectively. Our Outperform rating and a TP of RM4.26 on Gamuda is affirmed. An interim dividend of 6sen per share was declared this quarter.
Source: PublicInvest Research - 16 Dec 2019
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GAMUDACreated by PublicInvest | Sep 20, 2024
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2019-12-16 21:46