Gamuda's Australia Contract Win Adds to Robust Order Book
Dow Jones
Sep 29
0217 GMT - Gamuda's new contract in Australia lifts its unbilled construction order book to 61.2 billion ringgit, TA Securities analyst Ng Hong Tong says in a note. The latest win is a 790 million Australian-dollar contract to build the Mortlake energy hub, comprising a solar farm and battery storage system, with completion targeted for January 2029. The robust order book could provide earnings visibility over the next 3-4 years, he says. Gamuda could also secure a separate 45 million Australian-dollar operations and maintenance contract within a month, he says. TA Securities maintains a buy rating on Gamuda and keeps its target price at 5.42 ringgit. Shares are 0.8% lower at 4.87 ringgit.
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