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
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