KUALA LUMPUR (April 1): Gamuda Bhd call warrant (GAMUDA-WE) became Bursa Malaysia's most active entity, after the builder's joint venture with MMC Corp Bhd clinched a RM15.47 billion contract under the Sungai Buloh-Serdang-Putrajaya (SSP) mass rapid transit (MRT) line.

At 10:57am, Gamuda-WE saw some 49 million units traded. The call warrant, which is issued by Gamuda, rose one sen or 0.9% to RM1.11.

MMC call warrant (MMCCORP-C1) was also actively traded. MMCCorp-C1 saw some 15 million units traded to become the bourse's fifth most actively-transacted entity.

MMCCORP-C1, which is issued by CIMB Bank Bhd, fell one sen or 6% to 16.5 sen. The warrant erased gains, after reaching its highest so far today at 19 sen.

The MMC-Gamuda consortium is known as MMC-Gamuda KVMRT (T) Sdn Bhd.

Yesterday, Mass Rapid Transit Corp Sdn Bhd (MRT Corp) said it awarded the RM15.47 billion underground work package to MMC-Gamuda KVMRT.

MRT Corp said the contract was the largest package for the construction of the SSP line.

Today, AllianceDBS Research Sdn Bhd analyst Chong Tjen San said in a note that Gamuda and MMC share prices had adequately reflected the contract win.

Chong however said these stocks might still have underestimated the higher contract value.

“For Gamuda, it still represents the best transportation proxy in Malaysia, where its track record with MRT Line 1 will put it in good stead to clinch other projects, such as High-Speed Rail, Southern double tracking, Pan-Borneo Highway and LRT 3.

“MMC remains a deep value conglomerate, which has gone down the path to unlock value via the listing of its key businesses,” Chong said.