Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><p>SREITs results in a glance (see detailed spreadsheet and calendar attached)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/236/273/original/image_54776601321634694560432.png?1634694565" class="editor-image img-responsive" data-smartkarma-image-id="236273"></figure><ul><li><h3></h3><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> 3Q21 Business Updates; Robust reversions while on virtuous cycle of inorganic growth (BUY; TP S$3.55/unit)</li><li>3Q21 revenue, NPI and DPU were undisclosed. AREIT has completed the development of the Grab Headquarters, with a total development cost of S$184.6m. Divestment of two Australian logistics properties has also been completed at a price of S$104.5m (AUD101.6m)</li></ul>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached)Ascendas Real Estate Investment Trust (AREIT SP) 3Q21 Business Updates; Robust reversions while on virtuous cycle of inorganic growth (BUY; TP S$3.55/unit)3Q21 revenue, NPI and DPU were undisclosed. AREIT has completed the development of the Grab Headquarters, with a total development cost of S$184.6m. Divestment of two Australian logistics properties has also been completed at a price of S$104.5m (AUD101.6m)

External broker reports(aggregated public sources), MIDF Amanah Investment Bank Bhd

MIDF Amanah Investment Bank Bhd

External broker reports(aggregated public sources)

MIDF Group is a financial services provider in three core business areas: investment banking, development finance and asset management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>New Aussie win. Gamuda has made further inroads in Australia, this time through a JV that its wholly owned subsidiary DT Infrastructure is a part of, which secured the AUD1.6b (RM5.0b) Metronet High-Capacity Signalling Project from the Public Transport Authority of Western Australia.</li><li>While Perth has been among the main markets for DT Infrastructure, this marks Gamuda’s first project win in Perth postacquisition in Jun-23.</li><li>Project details. The contract was awarded to AD Alliance (ALSTOM Transport Australia Pty Ltd 54%; DT Infrastructure Pty Ltd 46%) therefore, Gamuda’s share of the contract is AUD737m (RM2.3b).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

New Aussie win. Gamuda has made further inroads in Australia, this time through a JV that its wholly owned subsidiary DT Infrastructure is a part of, which secured the AUD1.6b (RM5.0b) Metronet High-Capacity Signalling Project from the Public Transport Authority of Western Australia.While Perth has been among the main markets for DT Infrastructure, this marks Gamuda’s first project win in Perth postacquisition in Jun-23.Project details. The contract was awarded to AD Alliance (ALSTOM Transport Australia Pty Ltd 54%; DT Infrastructure Pty Ltd 46%) therefore, Gamuda’s share of the contract is AUD737m (RM2.3b).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gamuda Berhad - DTI Seals New Win in Perth

External broker reports(aggregated public sources), Public Investment Bank Bhd

Public Investment Bank Bhd

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Gamuda 3QFY23 core net profit advanced 54.1% QoQ, supported by its engineering &amp; construction division predominantly.</li><li>Its core division registered &gt;100% growth QoQ due to progressive billings from its Australia and Taiwan on-going construction projects.</li><li>We deem 3QFY23 core net profit as broadly in-line with ours and street estimates, accounting for 71.5% and 76.4% respectively. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Gamuda 3QFY23 core net profit advanced 54.1% QoQ, supported by its engineering &amp; construction division predominantly.Its core division registered &gt;100% growth QoQ due to progressive billings from its Australia and Taiwan on-going construction projects.We deem 3QFY23 core net profit as broadly in-line with ours and street estimates, accounting for 71.5% and 76.4% respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gamuda Berhad  - Within Expectations, PSI Takes Off

External broker reports(aggregated public sources), Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad operates as an investment banking company. The Company provides debt and equity funding, private debt securities issuance, merger and acquisitions, initial public offerings, corporate restructuring, and stockbroking services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Gamuda reported 9MFY23 core PATAMI of RM608.4m, beating both our and consensus expectations at 82%/83% respectively.</li><li>We expect Gamuda to close FY23 on a high with better sequential performance in 4QFY23 driven by construction kicking into higher gear, consolidation of DTI (c.RM80-90m pa) and as well as higher billings from RM5.7bn of unbilled sales.</li><li>Island reclamation award worth RM3.5bn was announced simultaneously. Upcoming mega contract catalysts are now expected in 4QCY23. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Gamuda reported 9MFY23 core PATAMI of RM608.4m, beating both our and consensus expectations at 82%/83% respectively.We expect Gamuda to close FY23 on a high with better sequential performance in 4QFY23 driven by construction kicking into higher gear, consolidation of DTI (c.RM80-90m pa) and as well as higher billings from RM5.7bn of unbilled sales.Island reclamation award worth RM3.5bn was announced simultaneously. Upcoming mega contract catalysts are now expected in 4QCY23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>GAMUDA’s 9MFY23 results met our forecast but beat market expectation.</li><li>It also announced winning a RM3.5b land reclamation contract from Penang South Island (PSI) that boosted its FY23 YTD jobs wins to RM12b.</li><li>Going forth, it is eyeing more contracts from MRT3, Penang LRT and Australia. We maintain our forecasts, TP of RM5.15 and OUTPERFORM call.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

GAMUDA’s 9MFY23 results met our forecast but beat market expectation.It also announced winning a RM3.5b land reclamation contract from Penang South Island (PSI) that boosted its FY23 YTD jobs wins to RM12b.Going forth, it is eyeing more contracts from MRT3, Penang LRT and Australia. We maintain our forecasts, TP of RM5.15 and OUTPERFORM call.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update - Gamuda Bhd - 23 Jun 2023

Malaysia

Gamuda Berhad is an investment holding and civil engineering construction company. Through its subsidiaries, the Company provides earthwork construction, manufactures and supplies road surfacing materials, and operates quarry and road laying projects. Gamuda also has operation in hiring and rental of plant and machinery, develops properties, and manufactures and sells paper.

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Gamuda Bhd (GAM MK)

ASEAN Builder's Scoop (20Oct21)

AREIT robust reversions, on virtuous growth cycle; IWG opens 16th Co-working centre; Ann Siang House pivots to rental business; SWB revised FY21...

SCCM Asia Research

Gamuda Berhad - DTI Seals New Win in Perth

Gamuda has made further inroads in Australia, this time through a JV that its wholly owned subsidiary DT Infrastructure is a part of, which secured...

MIDF Amanah Investment Bank Bhd

Gamuda Berhad - Within Expectations, PSI Takes Off

Gamuda 3QFY23 core net profit advanced 54.1% QoQ, supported by its engineering & construction division predominantly.

Public Investment Bank Bhd

Gamuda - Executing Well

We expect Gamuda to close FY23 on a high with better sequential performance in 4QFY23 driven by construction kicking into higher gear,...

Hong Leong Investment Bank Berhad

Company Update - Gamuda Bhd - 23 Jun 2023

GAMUDA’s 9MFY23 results met our forecast but beat market expectation. It also announced winning a RM3.5b land reclamation contract from Penang...

Kenanga Investment Bank Bhd

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