Sunway Construction

[winston]

Sunway to focus on core businesses

For the first quarter ended March 31, 2024 (1Q24), Sunway’s net profit rose to RM172.23mil from RM141.64mil in the previous corresponding period, with its property development and healthcare segments leading the growth.

Revenue grew to RM1.42bil from RM1.26bil a year earlier.

Basic earnings per share stood at 2.27 sen against 1.98 sen previously.

The property development segment recorded revenue of RM287.7mil in 1Q24, a 16% increase compared to the same quarter in the preceding financial year. Its pre-tax profit, meanwhile, increased 68% to RM38.8mil in 1Q24.

The healthcare segment’s pre-tax profit increased 28% to RM36.8mil in 1Q24 from RM28.8mil in the previous year. Three operating hospitals, supported by a 34% increase in licensed beds to 1,158.

Construction: The total outstanding order book as at March 31, 2024 is RM6.3bil.

Source: The Star

https://www.thestar.com.my/business/bus ... businesses

[winston]

not vested

Near doubling of contract value for Sedenak

Suncon announced a near doubling in value for its Sedenak data centre contract to RM3.2bn (37% of orderbook).

This is significant as
i) it exceeds new order win guidance;
ii) Yellowwood has finalised a reputable offtaker and
iii) it anchors earnings delivery in 2H24F.

Reiterate Add and SOP-derived TP of RM3.91.

Source: CIMB

https://rfs.cgsi.com/api/download?file= ... 2C693222F1