0402 GMT - Gamuda's recent shares sell down appears overdone, driven mainly by technical and sentiment factors rather than fundamental deterioration, TA Securities analyst Ng Hong Tong says in a note. Despite an over 10% year-to-date decline, earnings visibility could remain strong, supported by a record MYR45.9 billion outstanding order book and MYR8 billion unbilled property sales, he says. About 70% of projects remain in early construction phases, where initial works result in slower revenue recognition, delaying earnings acceleration until 2027, he adds. Ng sees this as a timing issue, not a structural concern. TA Securities cuts Gamuda's target price to MYR6.17 from MYR6.58, while maintaining a buy rating on the stock. Shares are 5.9% lower at MYR4.16. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

February 02, 2026 23:02 ET (04:02 GMT)

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