not vested
HLIB raises target price for Sunway Construction to RM2.10By Surin Murugiah
KUALA LUMPUR (Sept 11): Hong Leong Investment Bank (HLIB) Research has maintained its “buy” rating for Sunway Construction Group Bhd (SunCon) at RM1.89, with a higher target price (TP) of RM2.10 (from RM2.07), and said SunCon’s performance for the first half ended June 30, 2023 (1HFY2023) was slightly disappointing, on the back of
slow progress of its key data centre project.In a note on Monday, the research house, however, said
delays were temporary and better than feared, and SunCon's Corporate Green Power Programme wins and track record in the Large Scale Solar 4 scheme could position the company to benefit from the National Energy Transition Roadmap.
It said contract flows could pick up, given various award decisions due.
“[The] precast [business] is on track for a strong performance in FY2023, and looks set for growth in FY2024-25.
“[We made] minor tweaks to [our] FY2023/24/25 forecasts by -1.1%/+1.2%/+0.6%.
“[We] maintain buy, with a marginally higher TP of RM2.10, post minor tweaks in [our] earnings [forecasts],” the research house said.
Source: theedgemalaysia.com
https://theedgemalaysia.com/node/681950
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