Gamuda Bhd’s latest RM2 billion contract wins reinforce its growth outlook, with MBSB Investment Bank Bhd maintaining a BUY call and RM5.60 target price while Hong Leong Investment Bank Bhd also retained its BUY rating with a RM5.27 target price, saying the new awards lift its unbilled order book to RM56 billion and strengthen earnings visibility into FY27.
MBSB Research said Gamuda, through wholly-owned subsidiary DT Infrastructure, secured two engineering, procurement and construction contracts worth a combined RM1.64 billion from Edify Energy for solar and battery storage projects in Queensland, Australia.
The Majors Creek and Ganymirra projects will collectively feature 360MWp of solar capacity, 300MW/1,200MWh of battery energy storage systems, a new substation and related transmission infrastructure. Major construction is expected to begin in the third quarter of 2026 with completion targeted for January 2029.
Separately, Gamuda secured a RM400 million core and shell contract for a six-storey data centre in Cyberjaya, targeted for completion by July 2027.
HLIB Research noted the latest Australian awards follow Gamuda’s RM3.12 billion contracts from Edify Energy in May, bringing its Australian solar and battery storage wins to RM4.76 billion within three months.
The latest awards bring Gamuda’s 2026 contract wins to RM15.2 billion, while HLIB said its FY27 contract win tally has reached RM3.6 billion.
MBSB Research said Gamuda remains its top construction pick, supported by a RM56 billion order book and a pipeline that includes further renewable energy, water infrastructure and data centre projects.
As of 10.08 am, the stock price dropped 1.99% to RM4.43.
