Gamuda’s Growth Story Faces Cash-Flow Test Amid Negative Free Cash Flow
Gamuda’s shares have stayed steady despite new contract wins exceeding RM3 billion. AmResearch cut its rating to hold, citing negative free cash flow and 53% net gearing at end-FY2025. The group expects gearing to improve from next year, supported by its RM52 billion order book and RM7.4 billion unbilled property sales, alongside RM3.26 billion in deposits, cash and bank balances.