[%tWte%] Gamuda Bhd 
Research by Kenanga
MARKET PERFORM ; Target Price : RM3.75 

"Within Expectations"
FY19 CNP of RM706.1m makes up 104% of our/consensus full-year estimate, within our/consensus expectation. No dividend declared as expected. No changes to FY20E earnings, and we introduce FY21E earnings of RM527m. Maintain MP with unchanged SoP-driven TP of RM3.75. 

Adrian Ng
[%MEVk%] 

$KLSE-GAMUDA Gamuda Bhd 
Research by Kenanga
MARKET PERFORM ; Target Price : RM3.75 

"Within Expectations"
FY19 CNP of RM706.1m makes up 104% of our/consensus full-year estimate, within our/consensus expectation. No dividend declared as expected. No changes to FY20E earnings, and we introduce FY21E earnings of RM527m. Maintain MP with unchanged SoP-driven TP of RM3.75. 

Adrian Ng
adrian.ng@kenanga.com.my 