Sunway Berhad / Jeffrey Cheah

[winston]

not vested

Earnings on track

Profit and sales in line; U/G to BUY

Sunway’s 2Q24 core net profit of MYR174.5m (+14% YoY, +1.3% QoQ) and 6M24 locked-in sales of MYR1.3b were in line.

Management is maintaining its FY24 sales target of MYR2.6b (+8% YoY).

We raise our FY24-26 earnings forecasts by 1-6% and TP to MYR4.37 (+59sen) based on an unchanged 1x rolled forward P/RNAV.

We upgrade Sunway to BUY.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/402261.pdf

[winston]

Sunway Bhd - Prime Play on Healthcare and JSSEZ Growth
Date: 2024-11-28
Firm: TA
Price Target: 5.60

The following are key takeaways from Sunway's 3Q24 results briefing:

3Q Results Recap

Sunway maintained its strong performance in 3Q24, building on momentum from the first half of the year.

Year-on-year and quarter-on-quarter improvements were seen across most business segments, with healthcare, property development, property investment, and construction serving as key growth drivers.

While 9M24 results benefited from a lumpy earnings boost from the completion of Parc Central Residences in Singapore in July 2024, stronger-than expected contributions from the property and healthcare divisions propelled 9M24 net profit growth, surpassing both our and market expectations.

Source: TA

https://klse.i3investor.com/web/priceta ... arch/73618

[winston]

Sunway - On Track and Rejigging Valuations
Date: 2024-11-27

Firm: KENANGA
Stock: SUNWAY
Price Target: 3.35

Stock: SUNCON
Price Target: 4.52
Price Call: SELL

Stock: SUNREIT
Price Target: 2.01
Price Call: SELL

SUNWAY's 9MFY24 results met expectations with earnings growth seen across all business segments.

We reckon SUNWAY will continue to be in the limelight following the heightened sentiment in the property development space as well as the pending spin-off of its healthcare unit.

Meanwhile, we take this opportunity to increase our TP to RM3.35 (from RM2.66) to realign with our higher TPs ascribed to SUNCON and SUNREIT while reviewing our valuations and assumptions for its healthcare segment.

Maintain our UNDERPERFORM call as current valuations still appear pricey.

Source: Kenanga

https://klse.i3investor.com/web/priceta ... arch/73554

[winston]

Sunway to leverage on SEZ, healthcare to spur growth

Planning to spur the development of the 716.3-ha Sunway City Iskandar Puteri (SCIP) township located in the Johor-Singapore Special Economic Zone (JS-SEZ).

Source: The Star

https://www.thestar.com.my/business/bus ... pur-growth

[winston]

vested

Sunway to get significant boost from Medini land conversion offer, HLIB says

By Choy Nyen Yiau

Proposal to convert private lease scheme land to freehold status in Medini Iskandar in Johor, will significantly boost Sunway Bhd’s (KL:SUNWAY) land value and gross development value, according to an analyst.

The company’s Maple Residence is selling at 25% premium to its Aviana project under a private lease scheme.

The premium for conversion is RM8 per gross floor area for undeveloped land, and RM10,000 per unit for completed properties.

Sunway holds leases for 691 acres in Medini Iskandar through a joint venture with Khazanah Nasional Bhd, with an effective remaining landbank of 130 acres and a gross development value of RM6.2 billion.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/741609

[winston]

Beat expectations

Sunway’s 4Q24 core net profit of MYR324m and 2024 locked-in sales of MYR3b exceeded expectations.

We adjust our FY25-26E earnings forecasts by +15% to +17% to factor in FY24 actual results, a higher FY25 sales assumption (+36%), and revised work progress assumptions.

Our FY25E sales assumption is MYR3.6b (+19% YoY).

We maintain HOLD on Sunway with a MYR5.02 TP, based on an unchanged 1x P/RNAV.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/440212.pdf

[winston]

not vested

4Q24: Above expectations; Maintain HOLD On Rich Valuation

Sunway results beat our and the street’s expectations, driven by strong performances in the property development, construction, and healthcare segments.

Following the recent landbank replenishment for RTS Bukit Chagar Station in Feb 25, the group plans to launch more properties in Sunway City Iskandar Puteri and Johor Bahru, riding on the growing demand from JS-SEZ.

Maintain HOLD with a higher target price of RM4.82 (from RM4.71).

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

Sunway beats estimates with strong performance

Source: The Star

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