Kenanga Research: Job flow, mega infrastructure projects to boost construction sector earnings

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KUALA LUMPUR, March 11 — The construction sector’s earnings should improve further this year as work progress gathers momentum amid higher new job wins, said Kenanga...

The construction sector’s earnings should improve further this year as work progress gathers momentum amid higher new job wins, said Kenanga Research. — Picture by Hari AnggaraKUALA LUMPUR, March 11 — The construction sector’s earnings should improve further this year as work progress gathers momentum amid higher new job wins, said Kenanga Research.

“While WCT Holdings Bhd has not secured any new key jobs in FY2023, it also guided for bullish new job wins of RM3 billion. Meanwhile, IJM Corporation Bhd’s year-to-date FY2024 new job wins of RM3.62 billion have already exceeded its RM3 billion projection and we expect RM4.6 billion job wins in FY2025,” it said.Additionally, it said that Kerjaya Prospek Bhd has secured a total of RM377.9 million YTD job wins against the assumption of RM1.

Gamuda’s first quarter FY2024 core profit jumped 35 per cent due to strong overseas earnings on higher construction billings from Sydney Metro West and maiden earnings from DT Infrastructure Pty Ltd. Engtex Group Bhd, OMH Holdings Ltd and United U-Li Corp Bhd’s performance were weighed down by high-cost inventories, while Press Metal Aluminium Holdings Bhd’s results came in within Kenanga Research expectation, thanks to higher average selling price.

 

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