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March 26, 2018


Shariah Compliant

Gamuda (GAM MK)


BUY
2QFY18: Above expectations Share Price
12m Price Target
MYR 5.12
MYR 5.80 (+13%)
Previous Price Target MYR 5.60

Maintain BUY, with a higher TP Company Description


Gamuda Bhd engages in engineering and construction,
1HFY18 net earnings were above ours/consensus expectations. YoY
property development and water and expressway
growth was supported by i) acceleration in KVMRT 2 works and ii) strong concessions.
property sales. We raise FY18E-FY20E earnings by 8%-9% after adjusting
for higher works recognition and margins for the KVMRT 2 and Pan Borneo
Sarawak Highway. Our RNAV-based TP is raised to MYR5.80 (+4%) after Statistics
rolling forward our valuation base year for LDP, KESAS and SPRINT. 52w high/low (MYR) 5.50/4.58
Construction

Valuations are undemanding at 14x FY19 PER (-1.5 SD). 3m avg turnover (USDm) 5.5
Free float (%) 76.2
Results above, boosted by construction Issued shares (m) 2,458
2QFY18 net profit of MYR211m (+27% YoY, +4% QoQ) brought 1HFY18 Market capitalisation MYR12.6B
USD3.2B
earnings to MYR414m (+26% YoY), meeting 54%/52% of ours/consensus
Major shareholders:
full-year forecasts. Earnings came in above our expectations largely on
Employees Provident Fund 11.7%
the back of stronger-than-expected contribution from the construction Permodalan Nasional Bhd. 9.8%
segment. The division reported a PBT of MYR125m in 2QFY18 (+41% YoY, RAJA AZLAN SHAH ELEENA 4.4%
+21% QoQ), in-line with the revenue growth (+35% YoY, +3% QoQ) largely
from acceleration of works at the KVMRT 2. With the first tunnel drive
Price Performance
Malaysia

having commenced on 1 Mar 2018, we expect sustained earnings growth


5.60 112
momentum. Outstanding order book stood at MYR6.9b end-Jan 2018. 5.50 110
5.40 108
MYR3.5b property presales target may be surpassed 5.30 106
5.20 104
Property revenue rose by 50% YoY (+19% QoQ) from the strong presales of 5.10 102
MYR2.38b in FY17 (+14% YoY) and MYR1.9b (+124% YoY) in 1HFY18, of 5.00 100

which MYR1b (+150% YoY, +11% QoQ) was secured in 2QFY18. 1HFY18 4.90 98
4.80 96
presales were boosted by its overseas developments, mainly Vietnam and 4.70 94
Singapore, which made up 70% of total presales. But, blended PBT 4.60 92
4.50 90
margin remained compressed as a result of i) higher proportion of sales Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
from the overseas developments and ii) start-up costs for the new local
townships. Unbilled sales stood at MYR2.4b as of end-Jan 2018. Gamuda - (LHS, MYR) Gamuda / Kuala Lumpur Composite Index - (RHS, %)

-1M -3M -12M


Potential earnings upside Absolute (%) 1 3 (2)
Our FY18E/FY19E/FY20E earnings are raised by 9%/8%/9% after adjusting Relative to index (%) 1 (3) (9)
for higher works recognition from KVMRT 2 and the Pan Borneo Sarawak Source: FactSet
Highway sub-package. Our margin assumptions for both projects are also
raised by 1ppts for FY18E-FY20E. Gamuda is still targeting MYR6b-8b of
job wins for CY18, potentially supported by the KVMRT 3, KL-SG HSR and
the Pan Borneo Sabah Highway. There is potential upside to our forecasts
as we have yet to impute contributions from these projects.

FYE Jul (MYR m) FY16A FY17A FY18E FY19E FY20E


Revenue 2,122 3,211 4,165 4,321 4,518
EBITDA 549 831 884 990 1,081
Core net profit 626 701 832 888 865
Core EPS (sen) 26.0 28.8 34.3 36.5 35.6
Core EPS growth (%) (10.2) 11.0 18.8 6.7 (2.5)
Net DPS (sen) 12.0 12.0 12.0 12.0 12.0
Core P/E (x) 19.7 17.8 14.9 14.0 14.4
P/BV (x) 1.8 1.7 1.6 1.5 1.3
Net dividend yield (%) 2.3 2.3 2.3 2.3 2.3
ROAE (%) 9.5 8.4 10.8 10.7 9.6
ROAA (%) 4.6 4.7 5.1 5.2 4.9
EV/EBITDA (x) 29.0 21.5 20.3 17.5 15.5
Net gearing (%) (incl perps) 55.2 59.8 60.7 48.2 37.5
Consensus net profit - - 787 895 1,013
MKE vs. Consensus (%) - - 5.7 (0.8) (14.6)
Adrian Wong
adrian.wkj@maybank-ib.com
(603) 2297 8675

THIS REPORT HAS BEEN PREPARED BY MAYBANK INVESTMENT BANK BERHAD PP16832/01/2013 (031128)
SEE PAGE 10 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
Gamuda

Summary Results Table


Quarterly Cumulative Comments (1HFY18 VS 1HFY17)
FY Jul (MYR m) 2QFY18 2QFY17 % YoY 1QFY18 % QoQ 1HFY18 1HFY17 % YoY
Turnover 1,002.8 853.9 17.4 771.8 29.9 1,774.6 1,358.8 30.6
EBIT 203.5 141.6 43.7 202.3 0.6 405.7 283.6 43.1
Interest expense (23.7) (29.1) (18.3) (25.9) (8.5) (49.7) (55.6) (10.7)
Interest income 35.3 52.6 (32.9) 30.5 15.6 65.8 87.6 (24.9)
Joint ventures profit 67.7 26.1 159.7 49.6 36.5 117.3 69.3 69.3
Associates profit 53.3 53.4 (0.2) 52.5 1.5 105.7 108.7 (2.7)
Pretax profit 268.3 218.6 22.7 259.3 3.5 527.6 424.3 24.4
Tax (44.3) (39.4) 12.4 (41.6) 6.6 (85.9) (70.0) 22.6
Minorities (12.8) (12.9) (1.3) (14.8) (13.5) (27.5) (25.8) 6.6
Net profit 211.3 166.3 27.1 203.0 4.1 414.3 328.4 26.1

EPS (sen) 8.6 6.9 25.5 8.3 4.1 16.9 13.6 24.5
DPS (sen) – net - - NM 6.0 NM 6.0 6.0 -

2QFY18 2QFY17 +/- ppt 1QFY18 +/- ppt 1HFY18 1HFY17 +/-ppt
EBIT margin (%) 20.3 16.6 3.7 26.2 (5.9) 22.9 20.9 2.0
Pretax margin (%) 26.8 25.6 1.2 33.6 (6.8) 29.7 31.2 (1.5)
Tax rate (%) 16.5 18.0 (1.5) 26.4 (9.9) 28.2 28.4 (0.3)

SEGMENTAL
Revenue: 2QFY18 2QFY17 % YoY 1QFY18 % QoQ 1HFY18 1HFY17 % YoY
Engg & construction 1,061.2 784.7 35.2 1,034.6 2.6 2,095.7 1,480.8 41.5 Acceleration of KVMRT 2 and Pan
Borneo Sarawak works.
Property development 606.2 403.9 50.1 510.1 18.8 1,116.3 675.8 65.2 Higher progress billings on MYR2.38b
sales in FY17 and MYR1.9b in 1HFY18.
Water O&M & toll exp 128.8 125.4 2.6 128.9 (0.1) 257.6 255.4 0.9
Less: JV & Asso (793.3) (460.2) 72.4 (901.7) (12.0) (1,695.0) (1,053.2) 60.9
Engg & construction (567.6) (384.1) 47.8 (732.3) (22.5) (1,299.9) (883.8) 47.1
Property devt (221.6) (71.8) 208.5 (165.3) 34.0 (386.9) (160.8) 140.7
Water O&M & toll (4.2) (4.3) (1.2) (4.0) 4.6 (8.3) (8.6) (4.1)
Total 1,002.8 853.9 17.4 771.8 29.9 1,774.6 1,358.8 30.6

Pretax profit 2QFY18 2QFY17 % YoY 1QFY18 % QoQ 1HFY18 1HFY17 % YoY
Engg & construction 68.7 56.9 20.7 74.9 (8.2) 143.6 84.2 70.6 A function of both higher works
recognition and higher margins.
Property development 21.6 29.8 (27.4) 19.0 13.8 40.7 48.7 (16.5) Higher progress billings offset by
weaker blended margins.
Water O&M & toll exp 57.0 52.4 8.7 63.4 (10.1) 120.4 113.4 6.1
Share of JV & Asso 121.0 79.5 52.2 102.1 18.5 223.0 178.0 25.3
Engg & construction 42.8 14.7 190.5 25.4 68.5 68.2 38.9 75.5
Property devt 25.9 13.4 94.3 26.1 (0.5) 52.0 35.3 47.2
Water O&M & toll 52.2 51.4 1.7 50.6 3.3 102.8 103.8 (0.9)
Total 268.3 218.6 22.7 259.3 3.5 527.6 424.3 24.4

Pretax (bf. FRS 11) 2QFY18 2QFY17 % YoY 1QFY18 % QoQ 1HFY18 1HFY17 % YoY
Engg & construction 124.9 88.7 40.8 103.5 20.7 228.4 148.0 54.3
Property development 57.5 46.6 23.4 50.9 13.0 108.4 94.3 15.0
Water O&M & toll exp 108.1 103.8 4.1 115.1 (6.1) 223.2 217.2 2.8
Total 290.5 239.1 21.5 269.5 7.8 560.0 459.5 21.9

Pretax margin (before 2QFY18 2QFY17 +/-ppt 1QFY18 +/-ppt 1HFY18 1HFY17 +/-ppt
FRS 11)
Engg & construction 11.8% 11.3% 0.5 10.0% 1.8 10.9% 10.0% 0.9 Higher margins from progress at
KVMRT 2 and Pan Borneo Sarawak.
Property development 9.5% 11.5% (2.1) 10.0% (0.5) 9.7% 14.0% (4.2) Lower blended margins due to
product mix (lower margins at
overseas ventures) and higher upfront
costs of new local townships.
Overall 16.2% 18.2% (2.0) 33.6% (17.4) 16.1% 19.1% (2.9)
Sources: Company, Maybank KE

March 26, 2018 2


Gamuda

Other updates

Construction
KVMRT 3 JV structure. Within the Gamuda-MMC-GKENT JV bidding for the
KVMRT 3 turnkey role, both Gamuda and MMC are expected to take a 45% stake
each in the JV, while the remaining 10% will be held by GKENT. The award of the
turnkey role is expected by end-Mar/early-Apr 2018 with a total project value of
e.MYR45b. We have provided more details on the project (8km elevated, 32km
underground) and its financing structure in our latest update note, “Closing in on
KVMRT 3 awards”, 15 Mar 2018.

KL-SG HSR. Gamuda believes there are three strong contenders for the PDP role
for the Malaysian civil engineering works portion, where the tender closed on 14
Feb 2018: i) Gamuda-MRCB, ii) IJM-Sunway-Jalinan Rejang-Maltiumur Resources,
iii) YTL-SIPP. Within its JV with MRCB, both will have an equal share. The award
for this PDP role is expected in the next three months, i.e. by mid-2018, with
construction to start in 1H19, towards a targeted completion in 2026. This
Malaysian PDP civil engineering works portion is worth MYR35b-MYR40b.

Gamuda’s construction order book – MYR6.9b outstanding (end-Jan 2018)


Outstanding Status
(MYR m)
KVMRT 2 6,200 Cumulative progress (financial progress) at 15% (as
of end-Jan 2018) for the PDP/elevated works
portion and 20% for the underground works portion
(vs. 13% and 20% respectively as at end-Oct 2017).
 Elevated: Utilities relocation, earthworks,
foundation works.
 Underground: First tunnel drive commenced on
1 Mar 2018. Underground works expected to
take 18-20 months for completion.
Overall, 98% of the total project works have been
awarded, valued at MYR31b.
Targeted completion in mid-2022.

Pan Borneo 700 Site preparation, preliminary works have


Sarawak – WPC-04 completed; financial progress at 22% (as of end-Jan
(Pantu Junction to 2018) vs. 12% (as of end-Oct 2017).
Btg Skrang) Mainstream works expected to pick-up in coming
months.
Targeted completion in early-2021.

Total 6,900
Note: MYR6.2b refers to underground works portion only and Gamuda’s 50% share
Source: Company

March 26, 2018 3


Gamuda

Property
MYR3.5b pre-sales target for FY18 overly conservative? With MYR1.9b locked-
in for 1HFY18 (1QFY18: MYR0.9b, 2QFY18: MYR1b), this have met 54% of
Gamuda’s internal full-year target, which already represents a major +47% YoY
rise over FY17’s pre-sales of MYR2.38b. There is no change to its MYR3.5b target
for FY18 for now. However, we believe presales could very possibly hit the
MYR4b mark by end-FY18. Unbilled sales stood at MYR2.4b as of end-Jan 2018.
This would provide the platform for earnings growth going into FY19.

Weaker margins from overseas and new local townships. The strong revenue
growth of 50% YoY (+19% QoQ) was marginally offset by the weaker PBT margin (-
2.1ppts YoY, -0.5ppts QoQ) in 2QFY18. Gamuda clarified that both the overseas
developments and new local townships have average PBT margins within the
range of 9%-11% currently.

Gamuda’s property landbanks and GDVs


Remaining Remaining FY16A FY17A FY18F FY19F
Projects land area GDV sales sales sales sales
(acres) (MYR m) (MYR m) (MYR m) (MYR m) (MYR m)
Malaysia
K Kemuning, Klang Valley 10 90 0 0 0 0
Valencia, Klang Valley 0 0 0 0 0 0
Botanic, Klang Valley 30 1,520 50 80 160 50
Jade Hills, Klang Valley 170 1,200 40 150 210 210
Horizon Hills, Iskandar M’sia 400 3,490 240 320 350 330
Madge, Klang Valley 0 50 30 10 50 -
Robertson, Klang Valley 0 300 30 120 140 110
Highpark Suites, Klang Valley 0 490 60 50 90 150
Gamuda Gardens, Klang Valley 820 10,000 - 100 480 480
Kundang Estates, Klang Valley 20 610 - 20 60 180
Gamuda Cove, Klang Valley 1530 19,300 - - - 400
Twentyfive.7, Klang Valley 230 4,000 - 40 170 360
Bkt Bantayan, Kota Kinabalu 10 790 70 140 150 170
Sub-total (1) 3,220 41,840 520 1,030 1,860 2,440
Overseas
Gamuda City (Hanoi) 300 8,700 490 460 560 600
Celadon City (HCMC) 80 3,300 140 620 630 480
Chapel Street (Melbourne) 0 300 70 60 120 130
GEM Residences (Singapore) 0 1,000 830 210 330 350
Sub-total (2) 380 13,330 1,530 1,350 1,640 1,560

Total (1) + (2) 3,600 55,140 2,050 2,380 3,500 4,000


YoY growth (%) +69% +14% +47% +14%
Note: MYR3.5b presales target for FY18 could be exceeded with MYR1.9b of presales locked in for1HFY18
Source: Company

March 26, 2018 4


Gamuda

Foreign shareholding & valuations

Foreign shareholding (32% as of Jan-18 vs. 30% Dec-17) Gamuda: One-year forward rolling PER
(x)
60% 20.0
50% 19.0
+ 1sd: 17.4x
18.0
40% 17.0 Mean: 16.1x
30% 16.0
- 1sd: 14.9x
15.0
20% 14.0
10% 13.0
12.0
0% 11.0
Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18
Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17 10.0
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Source: Company Source: Bloomberg, Maybank KE

March 26, 2018 5


Gamuda

Gamuda: Sum-of-parts valuation


Concessions
DCF / BV Shareholding Gamuda's share Total (MYR'm)
(MYR'm) (%) (MYR'm)
Expressways
Lebuh Raya Damansara-Puchong 2,387 45.9% 1,096
Shah Alam Expressway 1,414 70.0% 989
Western Traffic Dispersal Scheme (SPRINT) 1,700 53.0% 900
KL Flood Mitigation Programme 130 50.0% 65
Panagarh-Palsit Highway, India 171 50.0% 85
Durgapur Expressway, India 112 50.0% 56
3,191
Water
Sungai Selangor Water Supply Phase 1, 3 2,540 40.0% 1,016
1,016
-----------------
Total concessions 4,207

Property
Unsold areas Bal. GDV Shareholding NPV of future profits Gamuda's share
(acres) (MYR'm) (%) (MYR’m) (MYR'm)
Kota Kemuning (Klang Valley) 10 90 50.0% 13 6
Valencia (Klang Valley) 0 0 98.8% 3 3
Bandar Botanic (Klang Valley) 30 1,520 100.0% 194 194
Jade Hills (Klang Valley) 170 1,200 100.0% 112 112
Horizon Hills (Iskandar Malaysia) 400 3,490 50.0% 518 259
Madge (Klang Valley) 0 50 100.0% 11 11
Robertson (Klang Valley) 0 300 100.0% 57 57
Highpark Suites (Klang Valley) 0 490 100.0% 64 64
Gamuda Gardens (Klang Valley) 820 10,000 100.0% 463 463
Kundang Estates (Klang Valley) 20 610 100.0% 68 68
Gamuda Cove (Klang Valley) 1,530 19,300 100.0% 1,125 1,125
Twentyfive.7 (Klang Valley) 230 4,000 100.0% 284 284
Bukit Bantayan (Sabah) 10 790 100.0% 67 67
Gamuda City (Hanoi) 300 8,700 100.0% 624 624
Celadon City (HCMC) 80 3,300 100.0% 331 331
Chapel Street (Melbourne) 0 300 100.0% 33 33
GEM Residences (Singapore) 0 1,000 50.0% 186 93
----------------- ----------------- -----------------
3,600 55,140 3,793
Properties’ shareholders' fund @ 31 Jul 2016 3,953
Total properties RNAV 7,746
(-) 20% discount (1,549)
-----------------
Discounted properties 6,197

Construction
Sustainable Sustainable Target PER (x) Gamuda's share
order book p.a. net margin (RM'm)
On sustainable order book 3,000.0 8.0% 18 4,320

Holding coy BV (less Invts in subsid, assoc, JV) 194


-----------------
TOTAL RNAV 14,918
Cash proceeds warrants exercise 1,597
-----------------
Fully diluted RNAV 16,515
===========
RNAV per share (MYR) 6.09
FD RNAV per share (MYR) 5.80
FD RNAV per share (MYR) - rounded 5.80

No. of shares existing (m) 2,451


FD No. of shares existing (m) 2,845

March 26, 2018 6


Gamuda

FYE 31 Jul FY16A FY17A FY18E FY19E FY20E


Key Metrics
P/E (reported) (x) 17.8 20.3 14.9 14.0 14.4
Core P/E (x) 19.7 17.8 14.9 14.0 14.4
P/BV (x) 1.8 1.7 1.6 1.5 1.3
P/NTA (x) 1.8 1.7 1.6 1.5 nm
Net dividend yield (%) 2.3 2.3 2.3 2.3 2.3
FCF yield (%) nm nm nm 7.1 3.3
EV/EBITDA (x) 29.0 21.5 20.3 17.5 15.5
EV/EBIT (x) 37.3 26.3 24.9 21.2 18.8

INCOME STATEMENT (MYR m)


Revenue 2,121.9 3,211.4 4,164.5 4,320.6 4,517.6
Gross profit 548.5 831.2 883.9 990.4 1,080.9
EBITDA 548.5 831.2 883.9 990.4 1,080.9
Depreciation (121.5) (149.0) (161.0) (173.8) (187.8)
EBIT 427.0 682.2 723.0 816.5 893.1
Net interest income /(exp) (58.9) (5.8) (15.9) (26.1) (36.3)
Associates & JV 412.5 248.1 380.9 388.1 321.2
Exceptionals 0.0 (98.5) 0.0 0.0 0.0
Pretax profit 780.7 826.0 1,088.0 1,178.5 1,178.1
Income tax (111.9) (169.8) (190.9) (213.4) (231.4)
Minorities (42.6) (54.1) (65.0) (77.5) (81.7)
Perpetual securities 0.0 0.0 0.0 0.0 0.0
Discontinued operations 0.0 0.0 0.0 0.0 0.0
Reported net profit 626.1 602.1 832.1 887.6 865.0
Core net profit 626.1 700.6 832.1 887.6 865.0
Preferred Dividends 0.0 0.0 0.0 0.0 0.0

BALANCE SHEET (MYR m)


Cash & Short Term Investments 828.7 579.7 406.5 685.5 892.4
Accounts receivable 1,697.1 2,848.3 3,590.9 3,478.1 3,530.7
Inventory 117.1 228.2 314.5 319.2 329.4
Property, Plant & Equip (net) 419.6 618.6 569.2 558.0 533.8
Intangible assets 0.0 0.0 0.0 0.0 0.0
Investment in Associates & JVs 2,881.1 2,914.2 3,295.1 3,683.2 4,004.5
Other assets 8,225.0 8,583.5 8,613.5 8,643.5 8,673.5
Total assets 14,168.7 15,772.5 16,789.8 17,367.7 17,964.4
ST interest bearing debt 639.7 628.6 660.1 693.1 727.7
Accounts payable 1,443.5 1,814.3 1,997.2 2,345.2 2,387.0
LT interest bearing debt 4,168.7 4,614.6 4,845.4 4,360.8 3,924.8
Other liabilities 703.0 870.0 889.0 899.0 908.0
Total Liabilities 6,954.5 7,927.3 8,391.2 8,298.0 7,948.0
Shareholders Equity 6,878.2 7,426.5 7,964.5 8,558.0 9,423.0
Minority Interest 336.0 369.1 434.1 511.6 593.3
Total shareholder equity 7,214.2 7,795.6 8,398.6 9,069.6 10,016.4
Perpetual securities 0.0 0.0 0.0 0.0 0.0
Total liabilities and equity 14,168.7 15,723.0 16,789.8 17,367.7 17,964.4

CASH FLOW (MYR m)


Pretax profit 780.7 826.0 1,088.0 1,178.5 1,178.1
Depreciation & amortisation 121.5 149.0 161.0 173.8 187.8
Adj net interest (income)/exp 58.9 5.8 15.9 26.1 36.3
Change in working capital (616.7) (1,436.4) (856.6) 252.6 (291.2)
Cash taxes paid (111.9) (169.8) (190.9) (213.4) (231.4)
Other operating cash flow (412.5) (248.1) (380.9) (388.1) (321.2)
Cash flow from operations (180.1) (873.4) (163.5) 1,029.5 558.3
Capex (218.9) (337.1) (100.0) (150.0) (150.0)
Free cash flow (399.0) (1,210.6) (263.5) 879.5 408.3
Dividends paid (290.3) (294.1) (294.1) (294.1) 0.0
Equity raised / (purchased) 0.0 0.0 0.0 0.0 0.0
Perpetual securities 0.0 0.0 0.0 0.0 0.0
Change in Debt 672.9 435.0 262.2 (451.5) (401.4)
Perpetual securities distribution 0.0 0.0 0.0 0.0 0.0
Other invest/financing cash flow 0.0 0.0 0.0 0.0 0.0
Net cash flow (16.4) (1,069.7) (295.5) 133.9 6.8

March 26, 2018 7


Gamuda

FYE 31 Jul FY16A FY17A FY18E FY19E FY20E


Key Ratios
Growth ratios (%)
Revenue growth (11.6) 51.3 29.7 3.7 4.6
EBITDA growth (14.0) 51.5 6.3 12.0 9.1
EBIT growth (20.1) 59.8 6.0 12.9 9.4
Pretax growth (9.0) 5.8 31.7 8.3 (0.0)
Reported net profit growth (8.2) (3.8) 38.2 6.7 (2.5)
Core net profit growth (8.2) 11.9 18.8 6.7 (2.5)

Profitability ratios (%)


EBITDA margin 25.9 25.9 21.2 22.9 23.9
EBIT margin 20.1 21.2 17.4 18.9 19.8
Pretax profit margin 36.8 25.7 26.1 27.3 26.1
Payout ratio 46.2 48.4 35.0 32.8 33.7

DuPont analysis
Net profit margin (%) 29.5 18.7 20.0 20.5 19.1
Revenue/Assets (x) 0.1 0.2 0.2 0.2 0.3
Assets/Equity (x) 2.1 2.1 2.1 2.0 1.9
ROAE (%) 9.5 8.4 10.8 10.7 9.6
ROAA (%) 4.6 4.7 5.1 5.2 4.9

Liquidity & Efficiency


Cash conversion cycle (70.1) 19.8 89.7 83.0 53.0
Days receivable outstanding 267.4 254.8 278.3 294.5 279.3
Days inventory outstanding 37.5 27.9 31.3 36.1 35.9
Days payables outstanding 375.0 262.8 219.9 247.6 262.2
Dividend cover (x) 2.2 2.1 2.9 3.0 3.0
Current ratio (x) 2.4 2.5 2.5 2.3 2.3

Leverage & Expense Analysis


Asset/Liability (x) 2.0 2.0 2.0 2.1 2.3
Net gearing (%) (incl perps) 55.2 59.8 60.7 48.2 37.5
Net gearing (%) (excl. perps) 55.2 59.8 60.7 48.2 37.5
Net interest cover (x) 7.3 118.5 45.5 31.3 24.6
Debt/EBITDA (x) 8.8 6.3 6.2 5.1 4.3
Capex/revenue (%) 10.3 10.5 2.4 3.5 3.3
Net debt/ (net cash) 3,979.6 4,663.6 5,098.9 4,368.4 3,760.1
Source: Company; Maybank

March 26, 2018 8


Gamuda

Research Offices
REGIONAL MALAYSIA HONG KONG / CHINA THAILAND
Sadiq CURRIMBHOY WONG Chew Hann, CA Head of Research Christopher WONG Maria LAPIZ Head of Institutional Research
Regional Head, Research & Economics (603) 2297 8686 wchewh@maybank-ib.com (852) 2268 0652 Dir (66) 2257 0250 | (66) 2658 6300 ext 1399
(65) 6231 5836 • Strategy christopherwong@kimeng.com.hk Maria.L@maybank-ke.co.th
sadiq@maybank-ke.com.sg • HK & China Properties • Strategy • Consumer • Materials • Ind. Estates
Desmond CH’NG, ACA • Oil & Gas • Telcos
WONG Chew Hann, CA (603) 2297 8680 Jacqueline KO, CFA
Sittichai DUANGRATTANACHAYA
desmond.chng@maybank-ib.com (852) 2268 0633 jacquelineko@kimeng.com.hk
Regional Head of Institutional Research (66) 2658 6300 ext 1393
• Banking & Finance • Consumer Staples & Durables
(603) 2297 8686 Sittichai.D@maybank-ke.co.th
wchewh@maybank-ib.com Ka Leong LO, CFA • Services Sector • Transport • Property • Telcos
LIAW Thong Jung
(603) 2297 8688 tjliaw@maybank-ib.com (852) 2268 0630 kllo@kimeng.com.hk Tanawat RUENBANTERNG
ONG Seng Yeow • Consumer Discretionary & Auto
• Oil & Gas Services- Regional (66) 2658 6300 ext 1394
Regional Head of Retail Research Tanawat.R@maybank-ke.co.th
(65) 6231 5839 Mitchell KIM • Banks & Diversified Financials
ONG Chee Ting, CA
ongsengyeow@maybank-ke.com.sg (852) 2268 0634 mitchellkim@kimeng.com.hk
(603) 2297 8678 ct.ong@maybank-ib.com Ornmongkol TANTITANATORN
• Internet & Telcos
• Plantations - Regional (66) 2658 6300 ext 1395
TAN Sin Mui
Ricky NG, CFA ornmongkol.t@maybank-ke.co.th
Director of Research Mohshin AZIZ • Oil & Gas
(852) 2268 0689 rickyng@kimeng.com.hk
(65) 6231 5849 (603) 2297 8692 mohshin.aziz@maybank-ib.com • Regional Renewables Sukit UDOMSIRIKUL Head of Retail Research
sinmui@kimeng.com.hk • Aviation - Regional • Petrochem • HK & China Properties (66) 2658 5000 ext 5090
Sukit.u@maybank-ke.co.th
ECONOMICS YIN Shao Yang, CPA Sonija LI, CFA, FRM
(603) 2297 8916 samuel.y@maybank-ib.com (852) 2268 0641 sonijali@kimeng.com.hk Ekachai TARAPORNTIP Deputy Head
Suhaimi ILIAS • Gaming – Regional • Media • Gaming 66) 2658 5000 ext 1530
Chief Economist Ekachai.t@maybank-ke.co.th
Malaysia | Philippines | China TAN Chi Wei, CFA Stefan CHANG, CFA Surachai PRAMUALCHAROENKIT
(603) 2297 8682 (603) 2297 8690 chiwei.t@maybank-ib.com (852) 2268 0675 stefanchang@kimeng.com.hk (66) 2658 5000 ext 1470
suhaimi_ilias@maybank-ib.com • Power • Telcos • Technology – Regional Surachai.p@maybank-ke.co.th
• Auto • Conmat • Contractor • Steel
CHUA Hak Bin WONG Wei Sum, CFA Bonny WENG
Regional Thematic Macroeconomist (603) 2297 8679 weisum@maybank-ib.com (852) 2268 0644 bonnyweng@kimeng.com.hk Suttatip PEERASUB
(65) 6231 5830 • Technology – Regional (66) 2658 5000 ext 1430
• Property
chuahb@maybank-ke.com.sg suttatip.p@maybank-ke.co.th
LEE Yen Ling Tony REN, CFA • Media • Commerce
LEE Ju Ye (603) 2297 8691 lee.yl@maybank-ib.com (852) 2268 0640 tonyren@kimeng.com.hk Sutthichai KUMWORACHAI
Singapore • Building Materials • Glove • Ports • Shipping • Healthcare & Pharmaceutical (66) 2658 5000 ext 1400
(65) 6231 5844 sutthichai.k@maybank-ke.co.th
leejuye@maybank-ke.com.sg Ivan YAP INDIA • Energy • Petrochem
(603) 2297 8612 ivan.yap@maybank-ib.com Termporn TANTIVIVAT
Jigar SHAH Head of Research
Dr Zamros DZULKAFLI • Automotive • Semiconductor • Technology (66) 2658 5000 ext 1520
(603) 2082 6818 (91) 22 6623 2632 jigar@maybank-ke.co.in
termporn.t@maybank-ke.co.th
zamros.d@maybank-ib.com Kevin WONG • Strategy • Oil & Gas • Automobile • Cement
• Property
(603) 2082 6824 kevin.wong@maybank-ib.com
Ramesh LANKANATHAN • REITs • Consumer Discretionary Vishal MODI Jaroonpan WATTANAWONG
(603) 2297 8685 (91) 22 6623 2607 vishal@maybank-ke.co.in (66) 2658 5000 ext 1404
ramesh@maybank-ib.com LIEW Wei Han • Banking & Financials jaroonpan.w@maybank-ke.co.th
(603) 2297 8676 weihan.l@maybank-ib.com • Transportation • Small cap
FX • Consumer Staples Neerav DALAL Sorrabhol VIRAMETEEKUL
(91) 22 6623 2606 neerav@maybank-ke.co.in Head of Digital Research
Saktiandi SUPAAT Adrian WONG (66) 2658 5000 ext 1550
Head, FX Research • Software Technology • Telcos
(603) 2297 8675 adrian.wkj@maybank-ib.com sorrabhol.V@maybank-ke.co.th
(65) 6320 1379 • Constructions • Healthcare • Food, Transportation
Vishal PERIWAL
saktiandi@maybank.com.sg
(91) 22 6623 2605 vishalperiwa@maybank- Wijit ARAYAPISIT
Jade TAM ke.co.in (66) 2658 5000 ext 1450
Christopher WONG
(65) 6320 1347 (603) 2297 8687 jade.tam@maybank-ib.com • Infrastructure wijit.a@maybank-ke.co.th
wongkl@maybank.com.sg • Media • Building Materials • Strategist
INDONESIA
Leslie TANG Mohd Hafiz Hassan VIETNAM
(603) 2082 6819 mohdhafiz.ha@maybank-ib.com Isnaputra ISKANDAR Head of Research
(65) 6320 1378
• Small & Mid Caps (62) 21 8066 8680 LE Hong Lien, ACCA
leslietang@maybank.com.sg
isnaputra.iskandar@maybank-ke.co.id Head of Institutional Research
TEE Sze Chiah Head of Retail Research • Strategy • Metals & Mining • Cement (84 28) 44 555 888 x 8181
Fiona LIM
(603) 2082 6858 szechiah.t@maybank-ib.com lien.le@maybank-kimeng.com.vn
(65) 6320 1374 Rahmi MARINA • Strategy • Consumer • Diversified
fionalim@maybank.com.sg (62) 21 8066 8689
Nik Ihsan Raja Abdullah, MSTA, CFTe
(603) 2297 8694 rahmi.marina@maybank-ke.co.id THAI Quang Trung, CFA,
STRATEGY nikmohdihsan.ra@maybank-ib.com • Banking & Finance Deputy Head, Institutional Research
Sadiq CURRIMBHOY Aurellia SETIABUDI (84 28) 44 555 888 x 8180
Global Strategist SINGAPORE (62) 21 8066 8691 trung.thai@maybank-kimeng.com.vn
aurellia.setiabudi@maybank-ke.co.id • Real Estate • Construction • Materials
(65) 6231 5836 Neel SINHA Head of Research
sadiq@maybank-ke.com.sg • Property
(65) 6231 5838 neelsinha@maybank-ke.com.sg LE Nguyen Nhat Chuyen
• Strategy Janni ASMAN (84 28) 44 555 888 x 8082
Willie CHAN • SMID Caps – Regional (62) 21 8066 8687 chuyen.le@maybank-kimeng.com.vn
Hong Kong / Regional janni.asman@maybank-ke.co.id • Oil & Gas
(852) 2268 0631 CHUA Su Tye • Cigarette • Healthcare • Retail
williechan@kimeng.com.hk (65) 6231 5842 chuasutye@maybank-ke.com.sg NGUYEN Thi Ngan Tuyen,
• REITs PHILIPPINES Head of Retail Research
FIXED INCOME (84 28) 44 555 888 x 8081
Derrick HENG, CFA Minda OLONAN Head of Research tuyen.nguyen@maybank-kimeng.com.vn
Winson Phoon, ACA (65) 6231 5843 derrickheng@maybank-ke.com.sg (63) 2 849 8840 • Food & Beverage • Oil&Gas • Banking
(65) 6231 5831 • Property • REITs (Office) minda_olonan@maybank-atrke.com
winsonphoon@maybank-ke.com.sg • Strategy TRUONG Quang Binh,
Luis HILADO
(65) 6231 5848 luishilado@maybank-ke.com.sg Katherine TAN Deputy Head, Retail Research
Se Tho Mun Yi
• Telcos (63) 2 849 8843 (84 28) 44 555 888 x 8087
(603) 2074 7606
kat_tan@maybank-atrke.com binh.truong@maybank-kimeng.com.vn
munyi.st@maybank-ib.com
John CHEONG, CFA • Banks • Construction • Rubber Plantation • Tyres & Tubes • Oil & Gas
(65) 6231 5845 johncheong@maybank-ke.com.sg
• Small & Mid Caps • Healthcare • Transport Luis HILADO TRINH Thi Ngoc Diep
(65) 6231 5848 luishilado@maybank-ke.com.sg (84 28) 44 555 888 x 8208
NG Li Hiang • Telcos diep.trinh@maybank-kimeng.com.vn
(65) 6231 5840 nglihiang@maybank-ke.com.sg • Technology • Utilities • Construction
• Banks
NGUYEN Thi Sony Tra Mi
LAI Gene Lih (84 28) 44 555 888 x 8084
(65) 6231 5832 laigenelih@maybank-ke.com.sg mi.nguyen@maybank-kimeng.com.vn
• Technology • Port Operation • Pharmaceutical
• Food & Beverage

NGUYEN Thanh Lam


(84 28) 44 555 888 x 8086
thanhlam.nguyen@maybank-kimeng.com.vn
• Technical Analysis

March 26, 2018 9


Gamuda

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES


DISCLAIMERS
This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as
an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate
and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental
ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and
volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than
the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment
advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read
this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment
strategies discussed or recommended in this report.
The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank
Investment Bank Berhad, its subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of
this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees
(collectively, “Representatives”) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this
report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice.
This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”,
“intend”, “plan”, “expect”, “forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might”
occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us
and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking
statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or
revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence
of unanticipated events.
MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law,
from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit
business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other
investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. One or more directors,
officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report to the extent permitted by law.
This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in
whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for
the actions of third parties in this respect.
This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state,
country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only
under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain
categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on
geographical location of the person or entity receiving this report.
Malaysia
Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental
ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia
Securities Berhad in the equity analysis.
Singapore
This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank
KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact
Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited
investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally
liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law.
Thailand
Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Maybank
Kim Eng Securities (Thailand) Public Company Limited. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) accepts no liability
whatsoever for the actions of third parties in this respect.
Due to different characteristics, objectives and strategies of institutional and retail investors, the research reports of MBKET Institutional and Retail Research
Department may differ in either recommendation or target price, or both. MBKET Retail Research is intended for retail investors (http://kelive.maybank-
ke.co.th) while Maybank Kim Eng Institutional Research is intended only for institutional investors based outside Thailand only.
The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the
Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand
and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the
perspective of a third party. It is not an evaluation of operation and is not based on inside information. The survey result is as of the date appearing in the
Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. MBKET does not confirm nor certify the
accuracy of such survey result.
The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by Thaipat Institute, is made
in order to comply with the policy and sustainable development plan for the listed companies of the Office of the Securities and Exchange Commission.
Thaipat Institute made this assessment based on the information received from the listed company, as stipulated in the form for the assessment of Anti-
corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2), or other relevant documents or reports of such listed
company. The assessment result is therefore made from the perspective of Thaipat Institute that is a third party. It is not an assessment of operation and is not
based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after
that date or when there is any change to the relevant information. Nevertheless, MBKET does not confirm, verify, or certify the accuracy and completeness of
the assessment result.
US
This third-party research report is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities
Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under
Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne
by Maybank KESUSA. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it
available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you
under relevant legislation and regulations. All U.S. persons receiving and/or accessing this report and wishing to effect transactions in any security mentioned
within must do so with: Maybank Kim Eng Securities USA Inc. 777 Third Avenue 21st Floor New York, New York 1- (212) 688-8886 and not with, the issuer of
this report.
March 26, 2018 10
Gamuda

UK
This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Conduct
Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial
Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any
responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as
constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.
DISCLOSURES

Legal Entities Disclosures


Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938- H) which is a Participating Organization of Bursa
Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This report is distributed in
Singapore by Maybank KERPL (Co. Reg No 198700034E) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Maybank Kim Eng Securities
(“PTMKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the Financial Services Authority (Indonesia).
Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and
Exchange Commission. Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities
and Exchange Commission. Vietnam: Maybank Kim Eng Securities Limited (License Number: 117/GP-UBCK) is licensed under the State Securities Commission of
Vietnam. Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited
(“KESI”) is a participant of the National Stock Exchange of India Limited and the Bombay Stock Exchange and is regulated by Securities and Exchange Board of
India (“SEBI”) (Reg. No. INZ000010538). KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) and as Research Analyst (Reg
No: INH000000057) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538)
is authorized and regulated by the Financial Conduct Authority.

Disclosure of Interest
Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further
act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment
banking services, advisory and other services for or relating to those companies.
Singapore: As of 26 March 2018, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.
Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the
research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected
parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.
Hong Kong: As of 26 March 2018, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.
India: As of 26 March 2018, and at the end of the month immediately preceding the date of publication of the research report, KESI, authoring analyst or their
associate / relative does not hold any financial interest or any actual or beneficial ownership in any shares or having any conflict of interest in the subject
companies except as otherwise disclosed in the research report.

In the past twelve months KESI and authoring analyst or their associate did not receive any compensation or other benefits from the subject companies or
third party in connection with the research report on any account what so ever except as otherwise disclosed in the research report.
MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market
in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or
investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the
companies covered in this report.

OTHERS
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part
of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Reminder
Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are
capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial
and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the
credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and
consult with its own professional advisers as to the risks involved in making such a purchase.

No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

March 26, 2018 11


Gamuda

Historical recommendations and target price: Gamuda (GAM MK)

26 Sep 28 Jun 29 Sep 7 Nov


Buy : RM5.6 Buy : RM6.0 Buy : RM5.9 Buy : RM5.6
5.6

5.4

5.2

5.0

4.8

4.6

4.4
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18

Gamuda

Definition of Ratings
Maybank Kim Eng Research uses the following rating system
BUY Return is expected to be above 10% in the next 12 months (excluding dividends)
HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends)
SELL Return is expected to be below -10% in the next 12 months (excluding dividends)

Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only
applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment
ratings as we do not actively follow developments in these companies.

March 26, 2018 12


Gamuda

 Malaysia  Singapore  London  New York


Maybank Investment Bank Berhad Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Securities Maybank Kim Eng Securities USA
(A Participating Organisation of Maybank Kim Eng Research Pte Ltd (London) Ltd Inc
Bursa Malaysia Securities Berhad) 50 North Canal Road PNB House 777 Third Avenue, 21st Floor
33rd Floor, Menara Maybank, Singapore 059304 77 Queen Victoria Street New York, NY 10017, U.S.A.
100 Jalan Tun Perak, London EC4V 4AY, UK
50050 Kuala Lumpur Tel: (65) 6336 9090 Tel: (212) 688 8886
Tel: (603) 2059 1888; Tel: (44) 20 7332 0221 Fax: (212) 688 3500
Fax: (603) 2078 4194 Fax: (44) 20 7332 0302

Stockbroking Business:  Hong Kong  Indonesia  India


Level 8, Tower C, Dataran Maybank,
Kim Eng Securities (HK) Ltd PT Maybank Kim Eng Securities Kim Eng Securities India Pvt Ltd
No.1, Jalan Maarof 28/F, Lee Garden Three, Sentral Senayan III, 22nd Floor 2nd Floor, The International,
59000 Kuala Lumpur
1 Sunning Road, Causeway Bay, Jl. Asia Afrika No. 8 16, Maharishi Karve Road,
Tel: (603) 2297 8888
Hong Kong Gelora Bung Karno, Senayan Churchgate Station,
Fax: (603) 2282 5136
Jakarta 10270, Indonesia Mumbai City - 400 020, India
Tel: (852) 2268 0800
Fax: (852) 2877 0104 Tel: (62) 21 2557 1188 Tel: (91) 22 6623 2600
Fax: (62) 21 2557 1189 Fax: (91) 22 6623 2604

 Philippines  Thailand  Vietnam  Saudi Arabia


Maybank ATR Kim Eng Securities Inc. Maybank Kim Eng Securities Maybank Kim Eng Securities Limited In association with
17/F, Tower One & Exchange Plaza (Thailand) Public Company Limited 4A-15+16 Floor Vincom Center Dong Anfaal Capital
Ayala Triangle, Ayala Avenue 999/9 The Offices at Central World, Khoi, 72 Le Thanh Ton St. District 1 Villa 47, Tujjar Jeddah
Makati City, Philippines 1200 20th - 21st Floor, Ho Chi Minh City, Vietnam Prince Mohammed bin Abdulaziz
Rama 1 Road Pathumwan, Street P.O. Box 126575
Tel: (63) 2 849 8888 Bangkok 10330, Thailand Tel : (84) 844 555 888 Jeddah 21352
Fax: (63) 2 848 5738 Fax : (84) 8 38 271 030
Tel: (66) 2 658 6817 (sales) Tel: (966) 2 6068686
Tel: (66) 2 658 6801 (research) Fax: (966) 26068787

 South Asia Sales Trading  North Asia Sales Trading


Kevin Foy Andrew Lee
Regional Head Sales Trading andrewlee@kimeng.com.hk
kevinfoy@maybank-ke.com.sg Tel: (852) 2268 0283
Tel: (65) 6636-3620 US Toll Free: 1 877 837 7635
US Toll Free: 1-866-406-7447

Malaysia Thailand
Joann Lim Tanasak Krishnasreni
joann.lim@maybank-ib.com Tanasak.K@maybank-ke.co.th
Tel: (603) 2717 5166 Tel: (66)2 658 6820

Indonesia London
Harianto Liong Mark Howe
harianto.liong@maybank-ke.co.id mhowe@maybank-ke.co.uk
Tel: (62) 21 2557 1177 Tel: (44) 207-332-0221

New York India


James Lynch Sanjay Makhija
jlynch@maybank-keusa.com sanjaymakhija@maybank-ke.co.in
Tel: (212) 688 8886 Tel: (91)-22-6623-2629

Vietnam Philippines
Patrick Mitchell Keith Roy
patrick.mitchell@maybank-kimeng.com.vn keith_roy@maybank-atrke.com
Tel: (84)-8-44-555-888 x8080 Tel: (63) 2 848-5288
www.maybank-ke.com | www.maybank-keresearch.com

March 26, 2018 13