Reported Earnings • Mar 08
Second quarter 2026 earnings released: EPS: RM0.039 (vs RM0.039 in 2Q 2025) Second quarter 2026 results: EPS: RM0.039 (in line with 2Q 2025). Revenue: RM4.30b (up 10% from 2Q 2025). Net income: RM229.5m (up 4.9% from 2Q 2025). Profit margin: 5.3% (down from 5.6% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jan 23
Dividend of RM0.05 announced Dividend of RM0.05 is the same as last year. Ex-date: 4th February 2026 Payment date: 4th March 2026 Dividend yield will be 2.2%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 98% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Jan 21
Gamuda Berhad Announces First Single-Tier Interim Dividend for the Year Ending 31 July 2026, Payable 4 March 2026 Gamuda Berhad has announced first single-tier interim dividend of MYR 0.05 per share for the year ending 31 July 2026, Payable 4 March 2026. Ex-date: 4 February 2026 and entitlement date: 5 February 2026. Reported Earnings • Dec 11
First quarter 2026 earnings released: EPS: RM0.037 (vs RM0.037 in 1Q 2025) First quarter 2026 results: EPS: RM0.037 (in line with 1Q 2025). Revenue: RM3.84b (down 7.2% from 1Q 2025). Net income: RM215.1m (up 4.7% from 1Q 2025). Profit margin: 5.6% (up from 5.0% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 07
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: RM0.18 (up from RM0.17 in FY 2024). Revenue: RM16.0b (up 20% from FY 2024). Net income: RM1.00b (up 10.0% from FY 2024). Profit margin: 6.3% (down from 6.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 3.4%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Nov 04
Gamuda Berhad, Annual General Meeting, Dec 04, 2025 Gamuda Berhad, Annual General Meeting, Dec 04, 2025, at 10:00 Singapore Standard Time. Location: permai ballroom, kota permai golf & country club, no. 1, jalan 31/100a, kota kemuning, section 31, selangor darul ehsan, 40460 shah alam Malaysia New Risk • Oct 16
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (1.6% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Sep 20
Full year 2025 earnings released: EPS: RM0.18 (vs RM0.17 in FY 2024) Full year 2025 results: EPS: RM0.18 (up from RM0.17 in FY 2024). Revenue: RM16.0b (up 20% from FY 2024). Net income: RM1.00b (up 10.0% from FY 2024). Profit margin: 6.3% (down from 6.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Aug 01
Dividend of RM0.05 announced Shareholders will receive a dividend of RM0.05. Ex-date: 12th August 2025 Payment date: 10th September 2025 Dividend yield will be 1.9%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but not covered by cash flows (317% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 60% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Jul 02
Gamuda Berhad Expresses Interest in Buying the Fletcher Building Construction Arm Another party has surfaced as a suitor of Fletcher Building Limited's (NZSE:FBU) construction unit, according to sources, with suggestions that a group out of Malaysia has made an -approach. DataRoom understands that Malaysia's Gamuda Berhad (KLSE:GAMUDA) has expressed an interest in buying the Fletcher Building construction arm. It has worked on major and highly complex projects and operates in Australia, Singapore, Vietnam, Taiwan, India, Bahrain and Qatar, as well as its home country. Market sources say the New Zealand construction industry had been left wide open for new international players to enter, with Fletcher's retreating from some work. The New Zealand government was also urging international industry participants into the market to provide additional competition and their expertise ahead of a planned multibillion-dollar infrastructure spending pipeline. Fletcher Building held its investor day on June 24 but offered limited insight on any potential asset sales, as it works to cut costs and streamlines divisions. Some came away with the impression that the group may exit real estate development and divest its NZD 1 billion ($928 million) land bank after emphasising that its focus in the future would be on building products and building materials, where it dominates in the New Zealand market. Some believe that one part of the business that could be of particular interest to suitors in its construction unit is parts of its civil engineering business, including road construction and maintenance unit Higgins that it purchased in 2016 for NZD 315 million. Since then, it has sold the Higgins Fiji operations, reaping about NZD 40 million in proceeds. Reported Earnings • Jun 28
Third quarter 2025 earnings released: EPS: RM0.043 (vs RM0.043 in 3Q 2024) Third quarter 2025 results: EPS: RM0.043 (in line with 3Q 2024). Revenue: RM3.09b (up 24% from 3Q 2024). Net income: RM246.8m (up 4.7% from 3Q 2024). Profit margin: 8.0% (down from 9.5% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 28
Second quarter 2025 earnings released: EPS: RM0.039 (vs RM0.038 in 2Q 2024) Second quarter 2025 results: EPS: RM0.039 (up from RM0.038 in 2Q 2024). Revenue: RM3.90b (up 17% from 2Q 2024). Net income: RM218.8m (up 4.8% from 2Q 2024). Profit margin: 5.6% (down from 6.3% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jan 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.3% to RM4.00. The fair value is estimated to be RM5.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 52% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 60% in the next 2 years. Declared Dividend • Jan 25
Dividend of RM0.05 announced Shareholders will receive a dividend of RM0.05. Ex-date: 7th February 2025 Payment date: 10th March 2025 Dividend yield will be 3.6%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 66% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Jan 23
Gamuda Berhad Announces First Single-Tier Interim Dividend, Payable on 10 March 2025 Gamuda Berhad announced first single-tier interim dividend of MYR 0.05 per share. Ex-date is 7 February 2025. Payment date is 10 March 2025. Entitlement date is 10 February 2025. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to RM4.24, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Construction industry in Malaysia. Total returns to shareholders of 271% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM6.67 per share. Reported Earnings • Dec 13
First quarter 2025 earnings released: EPS: RM0.073 (vs RM0.073 in 1Q 2024) First quarter 2025 results: EPS: RM0.073 (in line with 1Q 2024). Revenue: RM4.14b (up 48% from 1Q 2024). Net income: RM205.4m (up 5.3% from 1Q 2024). Profit margin: 5.0% (down from 7.0% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 11
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: RM0.33 (up from RM0.31 in FY 2023). Revenue: RM13.3b (up 62% from FY 2023). Net income: RM912.1m (up 12% from FY 2023). Profit margin: 6.8% (down from 9.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.8%. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Nov 07
Gamuda Berhad, Annual General Meeting, Dec 05, 2024 Gamuda Berhad, Annual General Meeting, Dec 05, 2024, at 09:30 Singapore Standard Time. Price Target Changed • Sep 30
Price target increased by 7.4% to RM8.83 Up from RM8.23, the current price target is an average from 17 analysts. New target price is 9.3% above last closing price of RM8.08. Stock is up 82% over the past year. The company is forecast to post earnings per share of RM0.43 for next year compared to RM0.33 last year. Reported Earnings • Sep 27
Full year 2024 earnings released: EPS: RM0.33 (vs RM0.31 in FY 2023) Full year 2024 results: EPS: RM0.33 (up from RM0.31 in FY 2023). Revenue: RM13.6b (up 66% from FY 2023). Net income: RM912.1m (up 12% from FY 2023). Profit margin: 6.7% (down from 9.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 12
Price target increased by 7.9% to RM8.09 Up from RM7.50, the current price target is an average from 16 analysts. New target price is 5.2% above last closing price of RM7.69. Stock is up 72% over the past year. The company is forecast to post earnings per share of RM0.35 for next year compared to RM0.31 last year. Declared Dividend • Jul 29
Dividend increased to RM0.10 Dividend of RM0.10 is 67% higher than last year. Ex-date: 8th August 2024 Payment date: 5th September 2024 Dividend yield will be 2.0%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Jul 26
Gamuda Berhad Announces Second Single-Tier Interim Dividend for the Financial Year End 31 July 2024, 05 September 2024 Gamuda Berhad announced second single-tier interim dividend of MYR 0.10 per share for Financial Year End 31 July 2024. Ex-Date is 08 August 2024. Entitlement date is 09 Aug. 2024. Payment Date is 05 September 2024. Price Target Changed • Jul 22
Price target increased by 7.5% to RM7.88 Up from RM7.33, the current price target is an average from 16 analysts. New target price is approximately in line with last closing price of RM7.95. Stock is up 74% over the past year. The company is forecast to post earnings per share of RM0.35 for next year compared to RM0.31 last year. Price Target Changed • Jun 26
Price target increased by 7.8% to RM6.99 Up from RM6.48, the current price target is an average from 17 analysts. New target price is 6.0% above last closing price of RM6.59. Stock is up 47% over the past year. The company is forecast to post earnings per share of RM0.36 for next year compared to RM0.31 last year. Reported Earnings • Jun 26
Third quarter 2024 earnings released: EPS: RM0.085 (vs RM0.084 in 3Q 2023) Third quarter 2024 results: EPS: RM0.085 (up from RM0.084 in 3Q 2023). Revenue: RM2.49b (up 21% from 3Q 2023). Net income: RM235.8m (up 5.6% from 3Q 2023). Profit margin: 9.5% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 28
Price target increased by 9.2% to RM6.48 Up from RM5.93, the current price target is an average from 17 analysts. New target price is 6.8% above last closing price of RM6.07. Stock is up 42% over the past year. The company is forecast to post earnings per share of RM0.38 for next year compared to RM0.31 last year. Reported Earnings • Mar 28
Second quarter 2024 earnings released: EPS: RM0.077 (vs RM0.075 in 2Q 2023) Second quarter 2024 results: EPS: RM0.077 (up from RM0.075 in 2Q 2023). Revenue: RM3.33b (up 131% from 2Q 2023). Net income: RM208.8m (up 7.3% from 2Q 2023). Profit margin: 6.3% (down from 14% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jan 23
Upcoming dividend of RM0.06 per share at 2.4% yield Eligible shareholders must have bought the stock before 30 January 2024. Payment date: 28 February 2024. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Malaysian dividend payers (4.9%). In line with average of industry peers (2.6%). Annuncio • Jan 10
Gamuda Berhad Declares First Interim Dividend for the Financial Year Ending 31 July 2024 On 7 December 2023, Gamuda Berhad had announced that the board of directors of the company had declared the first interim dividend in respect of the financial year ending (FYE) 31 July 2024 of MYR 0.06 per share (FYE 2024 first interim dividend) on 6 December 2023 and determined that the DRP will apply to the entire FYE 2024 First Interim Dividend. Reported Earnings • Nov 10
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: RM0.31 (up from RM0.29 in FY 2022). Revenue: RM8.22b (up 68% from FY 2022). Net income: RM814.7m (up 12% from FY 2022). Profit margin: 9.9% (down from 15% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 125%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Annuncio • Nov 07
Gamuda Berhad, Annual General Meeting, Dec 07, 2023 Gamuda Berhad, Annual General Meeting, Dec 07, 2023, at 10:00 Singapore Standard Time. Agenda: To receive the Audited Financial Statements for the financial year ended 31 July 2023 together with the Reports of the Directors and Auditors thereon; to approve the payment of Directors fees for the financial year ended 31 July 2023; to approve the payment of Directors remuneration (excluding Directors fees) of up to an amount of MYR 380,000/- for the period from 8 December 2023 until the next AGM of the Company to be held in 2024; to re-elect YBhg Tan Sri Dato' Setia Haji Ambrin Buang who is retiring by rotation in accordance with Clause 105 of the Constitution of the Company and, who being eligible, offers himself for re-election; to re-appoint Ernst & Young PLT, the retiring Auditors and to authorise the Directors of the Company to fix their remuneration. and to consider other matters. Reported Earnings • Sep 28
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: RM0.31 (up from RM0.25 in FY 2022). Revenue: RM8.23b (up 77% from FY 2022). Net income: RM814.7m (up 29% from FY 2022). Profit margin: 9.9% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 125%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 27
Upcoming dividend of RM0.06 per share at 2.6% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Malaysian dividend payers (5.3%). Lower than average of industry peers (3.3%). New Risk • Jun 23
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Minor Risk Shareholders have been diluted in the past year (4.2% increase in shares outstanding). Annuncio • Jun 23
Gamuda Declares Interim Dividend in Respect of the Financial Year Ending 31 July 2023 The Board of Directors of Gamuda declared an interim dividend of 6.00 sen per ordinary share in Gamuda (“Share”) in respect of the financial year ending 31 July 2023 (“Second Interim Dividend”). Reported Earnings • Jun 23
Third quarter 2023 earnings released: EPS: RM0.084 (vs RM0.087 in 3Q 2022) Third quarter 2023 results: EPS: RM0.084. Revenue: RM2.07b (up 75% from 3Q 2022). Net income: RM223.4m (flat on 3Q 2022). Profit margin: 11% (down from 19% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Construction industry in Malaysia. Reported Earnings • Mar 24
Second quarter 2023 earnings released: EPS: RM0.075 (vs RM0.07 in 2Q 2022) Second quarter 2023 results: EPS: RM0.075 (up from RM0.07 in 2Q 2022). Revenue: RM1.44b (up 12% from 2Q 2022). Net income: RM194.6m (up 9.9% from 2Q 2022). Profit margin: 14% (in line with 2Q 2022). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jan 24
Upcoming dividend of RM0.06 per share at 3.0% yield Eligible shareholders must have bought the stock before 31 January 2023. Payment date: 02 March 2023. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Malaysian dividend payers (5.0%). In line with average of industry peers (3.3%). Annuncio • Jan 14
Gamuda Berhad Declares First Single-Tier Interim Dividend for the Financial Year Ended July 31, 2023 Payable on 02 Mar 2023 Gamuda Berhad declared first single-tier interim dividend of MYR 0.06 per share for the financial year ended July 31, 2023 payable on 02 Mar 2023. Ex-Date is 31 Jan 2023, Entitlement date is 02 Feb. 2023. Reported Earnings • Dec 18
First quarter 2023 earnings released: EPS: RM0 (vs RM0.044 in 1Q 2022) First quarter 2023 results: EPS: RM0 (down from RM0.044 in 1Q 2022). Revenue: RM1.31b (up 90% from 1Q 2022). Net income: RM330.0k (down 100% from 1Q 2022). Profit margin: 0% (down from 16% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Annuncio • Dec 17
Gamuda Berhad Declares Interim Dividend for the Financial Year Ending 31 July 2023 The Board of Directors of Gamuda Berhad announced to declare an interim dividend of 6.00 sen per ordinary share in respect of the financial year ending 31 July 2023 (First Interim Dividend). Upcoming Dividend • Dec 06
Upcoming dividend of RM0.38 per share Eligible shareholders must have bought the stock before 13 December 2022. Payment date: 23 December 2022. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Malaysian dividend payers (5.0%). In line with average of industry peers (3.3%). 
