Mar 24, 2010

Gamuda Target price

Gamuda (RM2.72; Buy; Price Target: RM4.20; GAM MK)
Margin expansion to continue
•  Expect gradual margin improvement in 2QFY10 
•  Incremental positive Vietnam newsflow is rerating
catalyst
•  BUY, SOP-derived TP of RM4.20
source: HwandDBS research