KUALA LUMPUR (Oct 29): CIMB IB Research has maintained “Reduce” on Gamuda Bhd at RM2.47 with a higher target price of RM2.30 (from RM2.18) after the renegotiation for the Mass Rapid Transit 2 underground scope was cut by 38%.

In a note Oct 28, the research house said the final outcome is less negative than its base case cut of 60%.

“FY19-21F EPS up by 3.5-7.5%. Reiterate Reduce but with a higher target price,” it said.