Malaysian Top Stock Gamuda Seen Rising to Record on Growth

Optimism that Malaysian infrastructure firm Gamuda Bhd. is set to achieve years of record revenues prompted some analysts to dramatically ramp up their share price forecasts.

At least eight analysts raised their price targets after Gamuda’s full-year net income surpassed 1 billion ringgit ($237 million) for the first time, boosted in part by a boom in local construction. Gamuda told analysts at a briefing at the end of last week that it expects revenue to reach 35 billion ringgit for the 2028 financial year as it raised the compound annual growth rate target to 30% from 20%, according to research notes by firms including JPMorgan Chase & Co. and Kenanga Investment Bank Bhd.