Equity Analysis /
Malaysia

MY : Construction - All tracks in Aug lead to MRT 3 tenders

    Sharizan Rosely
    Sharizan Rosely

    Construction and Infrastructure

    CGS-CIMB
    6 June 2022
    Published by

    We outline a detailed estimate of RM31bn MRT 3 civil works tender structure and civil works value following our checks post-tender launch by MRT Corp. Criteria and track record point to Gamuda, IJM Corp and HSS Engineering as potential tier 1 and PMC frontrunners among companies under coverage. Retain Neutral sector rating; Gamuda remains as our top MRT 3 pick.