HLIB raises target for Gamuda stock to MYR 5.75

Published on 10/14/2026 at 07:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Gamuda's fiscal 2026 revenue rose 14.80 percent to MYR 18.33 billion. For Gamuda stock, the order book reached MYR 61 billion after new projects.

Contracts and earnings profile

HLIB Research raised its Gamuda target from MYR 5.27 to MYR 5.75 on September 30, 2026.
Gamuda revenue reached MYR 18.33 billion in fiscal 2026, up 14.80 percent year over year.
The Mortlake project has a MYR 2.28 billion contract value and targets completion in January 2029.

Gamuda, MYL5398OO002, Illustration mit AI erstellt.

HLIB Research raised its target for Gamuda stock from MYR 5.27 to MYR 5.75 on September 30, 2026, according to The Star. The target revision followed Gamuda's fiscal 2026 results and a record construction order book, while MBSB Research kept its MYR 5.60 target and RHB Research maintained MYR 6.20, the same report said.

Three contracts and earnings milestones

On September 21, 2026, Gamuda's Australian joint venture secured a MYR 1.80 billion road-upgrade contract, according to Gamuda. On September 28, 2026, the group secured a MYR 2.28 billion engineering, procurement and construction contract for Australia's Mortlake Energy Hub, as The Edge Malaysia reported.

On September 29, 2026, Gamuda reported fiscal 2026 net profit of MYR 1.052 billion, up 5.00 percent, while revenue rose 14.00 percent to MYR 18.60 billion. Domestic construction earnings increased 49.00 percent to MYR 461 million, and the construction order book reached MYR 61 billion, according to Gamuda.

What supports earnings growth

The order book gives the construction division substantial execution visibility. The Star reported that more than MYR 12 billion of new projects were secured in the first two months of fiscal 2027, while about 90.00 percent of fiscal 2027 revenue was already covered by the existing order book.

The counterweight is property execution. Fiscal 2026 property sales fell 22.00 percent to MYR 3.20 billion, while management targeted MYR 7 billion in property sales for fiscal 2027, supported by planned launches in Vietnam, Singapore and Malaysia.

Energy projects set future dates

The Mortlake project targets financial close in the fourth quarter of 2026 and completion in January 2029. The project includes a 435MWp solar farm and a 1,449MWh battery system, while the separate operation and maintenance contract is valued at MYR 130 million, according to The Edge Malaysia.

Gamuda's market context

Gamuda is listed on Bursa Malaysia under ticker GAMUDA.KL and has the ISIN MYL5398OO002. Its market capitalization was MYR 29.5 billion on September 28, 2026, when the Mortlake contract was reported.