Gamuda 2QFY09 results could disappoint, says Maybank IB

MAYBANK Investment Bank Bhd (Maybank IB) has maintained its hold recommendation on Gamuda Bhd at RM1.95 with an unchanged target price of RM2 and said the company's 2Q09 results could disappoint again, similar to the pattern seen in the recent 4Q08 results of construction groups.It said Gamuda's 2Q results due for release at month-end could fall below expectations, adding that its 1Q09 net profit of RM55 million was disappointing and 2Q09 net profit could show a sequential decline due to lower construction margin and slow property sales.