Quick turnaround project venture to boost Gamuda earnings growth

CGS-CIMB Research said the acquisition of DTI has opened the doors to West Australia and Queensland, a market which Gamuda Engineering Australia has yet to enter.

“Its local townships achieved strong presales, with local-to-overseas pre-sales ratio reaching 60:40,” the research house said in a report yesterday. “This already accounted for 71% of its order book of RM20.5bil as at Jan 31, 2023,” said the research house. “However, we think it should command a premium versus its peers, given its successful foray into the Australian infrastructure sector and being less reliant on local public sector infrastructure jobs, which have been slow.”

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