RHB Investment Bank upgraded Gamuda Bhd to “buy” from “neutral”, with a new RM4.95 target price (TP) from RM4.35, as the research house views the stock as a strategic hedge towards downside risks from the local construction sector, given its sizeable overseas footprint.

Three non-governmental organisations (NGOs) have lambasted Gamuda Bhd’s claim that the Penang South Island (PSI) project was approved after rigorous environmental impact assessment (EIA) process and public’s overwhelming support.

The PSI reclamation project, as indicated earlier by the government, will be slashed by 49% with the cancellation of Island B and Island C.  

Kimlun Corp Bhd has bagged two construction contracts worth RM94.5 million pertaining to main building works for 78 units of shop offices and a shopping mall with facilities in Johor Bahru.

Gamuda Land’s Bay Street commercial shops in Gamuda Cove have achieved a 90% take-up rate following its launch over the weekend, it said in a press statement on Thursday (April 13).

Gamuda's wholly owned Gamuda Land (Labuan) Ltd holds a 75% stake in VB II, while Castleforge’s wholly-owned partnership entity Athelstan Ltd owns the remaining 25%.

Rakuten Trade has a “buy” rating on Kerjaya Prospek Group Bhd at RM1.17 with a target price of RM1.70 and said it expects Kerjaya’s FY2023 and FY2204 earnings to improve by 23.5% and 20.0% to RM139.2 million and RM167.0 million, buoyed by higher revenue recognition.

Gamuda said these land acquisitions are synergistic to the group since they are located next to its existing 810-acre Gamuda Gardens township in north Sungai Buloh. 

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