Gamuda (RM2.82; Buy; Price Target: RM4.20; GAM MK)    
Win-win deal     
•  Splash offer RM10.75bn for Selangor water assets     
•  Political will, Puncak Niaga may be stumbling blocks     
•  Maintain BUY and RM4.20 TP.     
source: HwangDBS Vickers