Business

Published: Friday March 29, 2013 MYT 3:46:00 PM

Gamuda slips on profit taking after recent run-up


KUALA LUMPUR: Shares of Gamuda Bhd fell to a low of RM4.03 on Friday on profit taking in line with the cautious markets while Maybank KE Research downgraded it to a Hold.

At 3.30pm, Gamuda was down eight sen to RM4.05. There were 5.10 million shares done at prices ranging from RM4.03 to RM4.12.

The FBM KLCI was down 4.4 points to 1,669.64. Turnover was 408.88 million shares valued at RM638.41mil. The number of declining stocks picked up to 351 verus 263 gainers and 290 counters were unchanged.

Maybank Research said Gamuda's net profit for the first half ended Jan 31, 2013 at RM302mil, which was up 13% on-year, was marginally above expectations at 51% of its and 50% of street full-year forecasts.

"We raise our FY 2013-14 net profit forecasts by 3% per annum. The stock has performed well on strong foreign buying with the share price up 13.5% year-to-date, and is already at our RNAV-based TP of RM4.10.

"Re-rating potential to our TP will come from major infrastructure job wins post the 13GE. We downgrade the stock to a Hold for now," it said.

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