Gamuda Bhd fell 3 sen to RM4.59 as at 12:01pm on Monday, despite its outstanding order book swelling to a record RM61.6 billion following its latest Sydney Metro contract.
The construction counter opened at RM4.62 and reached an intraday high of RM4.63 before slipping to a low of RM4.57. Some 3.4 million shares changed hands, with selling volume at 274,000 shares compared with 165,100 shares on the buy side.
Gamuda was trading 0.65% lower against its last adjusted closing price of RM4.62, with the current bid at RM4.58 and selling price at RM4.59.
CIMB Securities maintained its BUY call on Gamuda with an unchanged target price of RM6.00, saying the latest Sydney Metro West Parramatta Integrated Station Development award further strengthens its position in Australia’s rail infrastructure market.
The RM2.5 billion station contract gives Gamuda an effective value of about RM2 billion through its 80:20 partnership with MTR Australia, while the associated property development carries an estimated gross development value of RM4.6 billion under a 50:50 partnership.
Construction began on 4 September and is targeted for completion by 2032.
CIMB expects the station works to generate pre-tax margins of 6% to 8%, above the 5% to 6% typically achieved on Gamuda’s conventional Australian infrastructure projects.
The Parramatta award is Gamuda’s third major Sydney Metro contract, following the RM6.5 billion Western Tunnelling Package in 2022 and RM7.3 billion Stations Package West in 2025. The group now has involvement in six of the nine station packages along the Sydney Metro West line.
CIMB said new contract wins have reached RM9.3 billion since August, while the group’s order book is expected to remain around RM55 billion by end-2026 based on current execution rates.
The research house also highlighted about RM7 billion in data centre wins secured between April and August, alongside RM7.5 billion in unbilled property sales supporting FY2027 and FY2028 cash flows.
