Gamuda Berhad — Cyborg Score 7/10

Strategic Profile

The company has three core business divisions: engineering and construction, property development, and infrastructure concessions (approximately half of total revenue). Earnings visibility remains strong, anchored by a record high outstanding order book of RM45.9bn and RM8.0bn in unbilled property sales, supported by a strong execution track record and diversified earnings exposure across Malaysia, Singapore, Australia, and Taiwan.

Cyborg Score Rationale

Despite recent share price weakness over 10% since start of 2026, the company maintains solid fundamentals with record high outstanding order book of RM45.9bn. Gamuda is recognised for maintaining one of the largest construction order books among Malaysian engineering firms.

Top Insights

• Record RM45.9bn order book provides multi-year revenue visibility
• Infrastructure concessions generate approximately 50% of revenue with predictable cash flows
• Substantial government-linked entity ownership (EPF, PNB, KWAP) signals confidence
• Recent share price weakness attributed to technical/sentiment factors rather than operational deterioration

Named Competitors

• IJM Corporation — Malaysian construction and infrastructure competitor
• Sunway Group — Malaysian property development and construction conglomerate
• MMC Corporation — Joint venture partner in major Malaysian infrastructure projects

Recent Developments

• (February 2026) Eyes further expansion in Sarawak as growth opportunity
• (February 2026) Notable selling pressure from delta-hedging and foreign investors
• (June 2023) Acquired Downer Group's Australian transport projects division, rebranded as DT Infrastructure

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