Gamuda BUY RM 3.35 Price Target : 12-month: RM 4.35 - DBS

• RM36bn MRT project, a key milestone catalyst easily doubling orderbook with another 10 years earnings visbility

• Excellent proxy to Vietnam's positive long term structural shift in property market with RM16bn GDV (12% of SOP)

• Resolution on Selangor State Water restructuring soon could see Gamuda reaping >RM600m in cash or RM0.28/share

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