Company Coverage
Gamuda (GAM MK): 4QFY26: Setting The Foundations For A Strong FY27
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
RM4.98
RM6.26
25.7%
RM5.25
Analyst
Analyst
Highlights
- Matching expectations (100% and 101% of our and consensus expectations).
- Excellent FY27-28 earnings visibility, backed by enhanced property launches and better S-curve recognition of construction billings.
- Maintain BUY with a higher target price of RM6.26 (from RM5.25), as we roll over valuations to FY28. Our target price implies 21x FY28F PE (five-year mean).

Analysis
- Results within expectations. Gamuda reported 4QFY26 core net profit of RM350m (+36.5% qoq, +7.9% yoy) on revenue of RM5.8b (+29.8% qoq, +18.9% yoy). FY26 earnings came in at 100% and 101% of our and consensus full-year estimates, which is deemed within expectations.

Highlights
- Matching expectations (100% and 101% of our and consensus expectations).
- Excellent FY27-28 earnings visibility, backed by enhanced property launches and better S-curve recognition of construction billings.
- Maintain BUY with a higher target price of RM6.26 (from RM5.25), as we roll over valuations to FY28. Our target price implies 21x FY28F PE (five-year mean).

Analysis
- Results within expectations. Gamuda reported 4QFY26 core net profit of RM350m (+36.5% qoq, +7.9% yoy) on revenue of RM5.8b (+29.8% qoq, +18.9% yoy). FY26 earnings came in at 100% and 101% of our and consensus full-year estimates, which is deemed within expectations.

BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
RM4.98
RM6.26
25.7%
RM5.25
Analyst
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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