Sunway Berhad / Jeffrey Cheah

Re: Sunway Berhad

Postby winston » Thu Jul 16, 2015 5:48 am

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AmResearch retains Buy for Sunway

KUALA LUMPUR: AmResearch is maintaining its Buy recommendation for Sunway, with an unchanged fair value of RM3.74 a share, based on a 20% discount to the sum-of-parts value of RM4.65 a share.

It said on Wednesday Sunway is facing headwinds in its property development division, with a likely decline in sales in FY15F versus FY14’s RM1.7bil (effective: RM1.3bil) and its target of RM1.7bil (effective: RM1.2bil) for FY15F.

For 1HFY15, it posted RM500mil sales and targets the same for 2H.

“We believe any blip in property revenue will not significantly hurt its long-term prospects, with unbilled sales at RM2.5bil (effective: RM1.8bil) as at end-March while its other divisions will cushion the impact,” it said.

AmResearch said the construction unit – Sunway Construction Group Bhd – will make its debut on the Main Market of Bursa Malaysia Securities on July28.

The recent oversubscription of its institutional offer for sale by 4.6 times reflects market demand for a pure-play construction group.

“Based on our FY15F PAT projection and at a PE of 13 times, Sunway Construction Group is valued at RM1.17 a share – in line with the IPO price of RM1.20 a share. Construction stocks are currently trading at valuations of 12 times to 17 times PE multiples.

“Sunway Construction Group can count on RM500mil-RM800mil worth of jobs annually, a robust domestic construction sector and HDB public housing development in Singapore.

“We are assuming an annual order book renewal of RM1.8bil vs. SCG’s target of RM2bil. As at end-March 2015, Sunway Construction Group’s outstanding order book stood at RM2.76bil – 1.5x FY14’s revenue of RM1.9bil.

“We project FY15F-FY17F PAT at RM117-137mil. Sunway Construction Group will pay out at least 35% of profit, a yield of 2.6% for FY15.

“Maintain Buy for long-term exposure to Iskandar Malaysia. Sunway is paying out a special dividend of 25 sen-28 sen a share – translating into a yield of 7%-8%, apart from an expected regular dividend of 10 sen a share,” it said.

Source: The Star
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Re: Sunway Berhad

Postby winston » Thu Sep 03, 2015 5:59 am

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Sunway declares special dividend of 26 sen a share

KUALA LUMPUR: Sunway Bhd has rewarded its shareholders with a special dividend of 26 sen a share.

It said on Wednesday the dividend will go ex on Sept 30 and be paid on Oct 16.

The dividend arose from the proceeds raised from the offer for sale of 398.70 million Sunway Construction Bhd shares, which was a unit of Sunway Bhd – under its listing exercise on July 28.

The dividend was after setting aside the listing expenses and working capital.

Any new Sunway shares to be allotted pursuant to the exercise of the outstanding warrants and ESOS options and shareholders of Sunway on the entitlement date would be entitled to the dividend.

Source: The Star
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Re: Sunway Berhad

Postby winston » Sun Feb 05, 2017 7:52 am

TAN SRI JEFFREY CHEAH FOOK LING
Flagship: Sunway Bhd
Net worth: RM4.3bil

CHEAH, 71, the founder and executive chairman of the Sunway group, wrapped up last year by strengthening the group’s presence in Singapore.

At a time when the property sector is slowing down in the region, the group’s move to replenish its landbank portfolio across the causeway is seen positively, given that its ongoing projects in Novena and Mount Sophia will be completed in about two years.

Recall that in September last year, Sunway and its joint venture (JV) partners won a tender to buy a piece of 5.2 acres of leasehold land at Anchorvale Lane, Sengkang, for S$240.95mil (RM724.14mil).

The JV entity consists of Hoi Hup Realty Pte Ltd, Sunway, Oriental Worldwide Investment Inc and Azuki Investments Pte Ltd in an equity stake of 62:30:5:3, respectively.

The Sunway Group’s entities comprise flagship Sunway Bhd, which is among the top-five largest property stocks on Bursa Malaysia with a market capitalisation of RM6.25bil as of Dec 31, 2016. Cheah controls 60% of the flagship entity.

Its subsidiaries are Sunway Construction Group Bhd, which was listed in 2015 and is the largest listed pure play construction company by revenue, while Sunway Real Estate Investment Trust, a 37.3%-owned associate, has a coveted portfolio of growing
assets.

All three companies had a combined market capitalisation of RM13.51bil as of year-end.

Cheah had set up Sunway in 1974 with a paid-up capital of RM100,000.

This year is looking to be a busy one with RM2bil worth of launches planned in several regions, namely, South Quay, Kelana Jaya, Penang, Johor and China.

As for sales, it is targetting RM1.1bil for financial year 2017.

Cheah is seen as a pioneer of higher education and is active in promoting education as a social cause in the country. In 2009, he set up the Tan Sri Jeffrey Cheah Foundation, and gifted to it the privately held and cash-rich Sunway education arm.

His daughter Sarena Cheah is the group’s property division managing director for Malaysia and Singapore.

Source: The Star
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Re: Sunway Berhad / Jeffrey Cheah

Postby winston » Fri Jun 16, 2017 8:46 am

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Sunway shares hit all-time high of RM4.01

While plans to list the Sunway’s healthcare division was in the pipeline, the group was taking its time to build more value and branding to the healthcare division.

PETALING JAYA: Sunway Bhd shares rose 7.5% to an all-time high of RM4.01 yesterday, on the back of the group’s newly proposed corporate exercise and healthcare expansion plans.

Via a Bursa filing , Sunway had proposed a bonus issue of up to 2.8 billion new ordinary shares on the basis of four bonus shares for every three existing Sunway shares held.

The group also proposed a bonus issue of up to 631 million free warrants on the basis of three warrants for every 10 existing Sunway shares held on the same entitlement date as the proposed bonus issue of shares.

According to AmInvestment Bank, these proposals are expected to be completed by the second half of the year, and the warrants will be valid for seven years.

AmInvestment Bank is positive on the proposed bonus issue of shares and warrants, highlighting that the bonus issue of shares is a way to reward shareholders while preserving cash in the company.

“On the bonus issue of warrants, assuming full exercise of the warrants at an indicative exercise price of RM1.53 per share, Sunway could potentially raise the maximum gross proceeds of RM965.4mil.

On Wednesday, Sunway group founder and chairman Tan Sri Jeffrey Cheah said the group intends to build five new hospitals to add more medical centres to its portfolio, which is expected to incur a capital expenditure of RM1bil.

He added that while plans to list the Sunway’s healthcare division was in the pipeline, the group was taking its time to build more value and branding to the healthcare division.

Sunway’s plans include increasing the number of beds in its flagship medical centre from the current 630 to 1,000.

In 2016, the healthcare division contributed about RM40mil to the group’s net profit.

Kenanga Research said the growth of Sunway’s medical division would provide the group a sustainable income stream in the future, which would further mitigate their risk in the property and construction business which are highly cyclical.

Source: The Star

http://www.thestar.com.my/business/busi ... OdtLWvg.99
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Re: Sunway Berhad / Jeffrey Cheah

Postby winston » Sun Jun 18, 2017 8:36 am

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Sunway Medical could be worth at least RM1.5bil

BY DANIEL KHOO

Sunway’s healthcare division, namely Sunway Medical, reported a pretax profit of RM37.65mil in the financial year 2016 (ended Dec 31) and ascribing a price to earnings (PE) multiple of around 40 times to this, it is worth about RM1.5bil.


Source: The Star

http://www.thestar.com.my/business/busi ... 0WI3GrQ.99
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Re: Sunway Berhad / Jeffrey Cheah

Postby winston » Thu Oct 19, 2017 9:45 am

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Trading Buy: SUNWAY - 5211
(Last price: RM1.64, Potential upside +14.0%)

Company Profile
• A reputable conglomerate with diversified earnings from property, construction, healthcare and hospitality businesses.

Trading Catalyst

• At a FY18 P/E of 12.8x (24% lower than its peers 17x), we opine that Sunway is a deep value stock with mature investment properties and the underappreciated trading and healthcare segments, and supported by attractive DY18 of 4% (vs 2.2% for IJM and Gamuda).

• Sunway’s undemanding valuation and attractive DY have provided a sufficient margin of safety and cushion further sharp share price decline, supported by steeply grossly oversold indicators.

Technical View
• Resistance: RM1.69 / RM1.79 / RM1.87
• Support: RM1.60 / RM1.56
• Cut loss: RM1.54

Key Financial Stats
• Attractive DY of 4% (peers: 2.2%)
• Undemanding FY18 PE 12.8x (peers: 17x)

Source: Bloomberg, HLIB
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Re: Sunway Berhad / Jeffrey Cheah

Postby winston » Mon Oct 23, 2017 3:22 pm

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Aug 30, 2017

Valuation:

We nudge up our SOP-derived TP to RM4.05, after rolling forward our valuation base to FY18 and removing the 5% discount to our SOP valuation.

While we continue to like Sunway for its superior and unrivalled ‘build-own-operate’ model, there is no re-rating catalyst in the near term in view of the challenging property market outlook.

Key Risks to Our View:
Slow property sales. Weak sentiment in the property market could drag its property sales.

Souerce: Alliance DBS
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Re: Sunway Berhad / Jeffrey Cheah

Postby winston » Mon Oct 23, 2017 3:24 pm

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Aug 30, 2017

Valuation

No change to our target price of RM4.15/share (ex-bonus TP: RM1.78/share), based on SOP valuation.

We believe the recent sharp rally in share price has largely factored in positive news flow such as new land acquisitions, proposed 4-for-3 bonus issue and 3-for-10 bonus warrants.

Maintain Sell.

Source: TA Securities
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Re: Sunway Berhad / Jeffrey Cheah

Postby winston » Mon Nov 27, 2017 10:29 pm

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Higher earnings for Sunway in Q3 FY17

KUALA LUMPUR: Sunway Bhd 's earnings rose 5% to RM150.85mil in the third quarter ended Sept 30, 2017 from RM143.60mil a year ago, aided by stronger revenue growth, though property development was sluggish.

It reported on Monday revenue increased by 16% to RM1.32bil from RM1.13bil a year ago due to higher contribution from most business segments, particularly the property investment, construction and trading and manufacturing segments.

However, profit before tax (PBT) fell 5.7% to RM196.70mil from RM208.54mil due to the property development and quarry segments which registered lower profits,” it said. Its earnings per share were 7.38 sen compared with 7.02 sen.

“The property development segment reported revenue of RM162.2mil and PBT of RM35.5mil in the current quarter compared to revenue of RM247.6mil and profit before tax of RM62.2mil a year ago,” it said.

It pointed out this was a decline of 34.5% in revenue and PBT of 43% mainly due to lower sales and progress billings from local development projects.

Sunway said its property investment segment reported an 18.7% increase in revenue of RM225.4mil and 9% rise in PBT of RM50mil.

The higher revenue was mainly contributed by additional revenue from the new Sunway Velocity Mall, which was opened in December 2016 and higher revenue from Sunway Pyramid Hotel which was re-opened progressively in 2017 following a refurbishment exercise in 2016.

Although profit contribution from the new Sunway Velocity Mall was not expected to be positive during the initial rental period due to higher rebates given in the current competitive market condition, the current PBT was still higher due to better contribution from the other operations.

Sunway said the construction segment recorded a 44.7% rise in revenue of RM416.6mil and a 27.5% increase in PBT of RM41mil due to higher progress billings from local construction projects and lower intra-group eliminations.

As for its trading and manufacturing segment, revenue rose by 41.7% to RM292.9mil and PBT increased by 95.3% to RM14.2mil due to better overall market condition and sentiment, which resulted in higher sales and profit for the segment, both locally and overseas.

It pointed out the quarry segment's revenue fell 6.9% to RM50.3mil and PBT slumped 63.2% to RM2.5mil mainly due to lower sales volume for aggregates and premix. Performance was also impacted by temporary halt in operations at one of its sites due to closure of the access road.

Sunway's other segments posted a 13.7% rise in revenue of RM172.2mil mainly due to higher contribution from the healthcare and building materials segments but PBT dipped 1.3% to RM53.5mil

For the nine-month period, earnings rose by 13.9% to RM455.71mil from RM400mil in the previous corresponding period while revenue climbed 7.3% to RM3.65bil from RM3.36bil.

“While the property sector is still consolidating, the general market outlook of the other business segments within the group is positive. Barring any unforeseen circumstances, the Group is expected to continue to deliver satisfactory performance in the last quarter of 2017,” it said.

Source: The Star

https://www.thestar.com.my/business/bus ... n-q3-fy17/
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Re: Sunway Berhad / Jeffrey Cheah

Postby winston » Tue Nov 28, 2017 9:16 am

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Lower taxes boosted profits in 9M17

9M17 core net profit made up 79-83% of our and Bloomberg consensus full-year forecasts. The performance was above expectations due to lower tax rates.

9M17 construction pretax profit remained strong due to high order book of RM6.8bn.

The group’s target of RM1.1bn effective property sales for FY17 remains intact.

SunCon’s strong YTD contract wins of RM4bn to support earnings visibility in FY18F.

Potential key catalysts are contract wins for SunCon. Add retained, with lower target
price.

Source: CIMB

https://brokingrfs.cimb.com/54KEmmWZC1_ ... 9Xi_A2.pdf
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