There would be a slew of contract awards in the next six- to 12 months, and positive headlines from the upcoming Budget 2026 to be tabled in Parliament in October, the research house noted.
Gamuda is currently the main tunnelling contractor for the SMW Western Tunnelling Package, linking Sydney Olympic Park and Westmead through a joint venture (JV) with Laing O’Rourke.
The firm said Eco World Development Group Bhd (KL:ECWLD) and Sime Darby Property Bhd (KL:SIMEPROP) will award four major data centre projects—two each—within the next two months.
Analysts remain upbeat on Gamuda’s outlook, with CGS International Securities estimating the combined construction value of the Weasel Solar and Cellar Hills Wind farms at RM3.
“We expect the group’s performance to catch up in the final quarter, which has historically been its strongest.
The group's domestic operations have gained significant momentum, with orders now contributing 41% of the overall RM35 billion construction order book, up from 28% last year.
Gamuda’s secured projects include Segment 1 of the Penang Light Rail Transit (LRT) and data centre developments in Negeri Sembilan, which are expected to drive the company towards achieving its order book target of RM40 billion to RM45 billion this year.
The expansion at the southern tip of Gamuda Cove will allow the company to develop landed homes and commercial properties with a gross development value of RM2.
“They will complement our existing attractions like SplashMania and Discovery Park, offering something for every visitor, from thrill-seekers to nature lovers, and families with young children.
MIDF Research said Gamuda's current order book had hit a record high of RM37 billion, with RM15.
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