Sunway Construction

[winston]

not vested

Expanding empire in property and healthcare

SMCKL as the largest private hospital in SEA has the scale and infrastructure potential to become a regional medical tourism hub.

Over the next few years, by scaling up its international patient base, this could see its revenue per bed potentially increasing multi-fold, indicating lucrative upside pricing potential.

Its property segment is set to exceed FY24 launch target with earnings accelerating in 2H24 driven by Sunway V3 and Singapore projects.

We increase FY23/24/25 forecasts by +10.3%/15.8%/1.1% to account for higher property contribution.

Maintain BUY with a higher TP of RM5.45 (from RM5.15) based on SOP-valuation.

Source: HLIB

https://acrobat.adobe.com/id/urn:aaid:s ... 90b4722728

[winston]

not vested

SunCon prudently hopeful after strong showing

SunCon saw net profit climb 32.7% year-on-year (y-o-y) to RM46.5mil, as revenue also grew 28.5% to RM865.3mil.

Source: The Star

https://www.thestar.com.my/business/bus ... ng-showing

[winston]

not vested

3Q24: In-line

Positives priced in SCGB’s 3Q/9M24 earnings were in-line.

We make no change to our earnings forecasts and MYR3.70 TP, based on 21x PER (about +0.5SD of mean) on FY25E earnings.

While we like SCGB for its strong execution capability, we believe that its medium-term positives are priced in with the stock now trading at 25x FY25E PER; maintain SELL.

Source: Maybank

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://mkefactsettd.maybank-ke.com/PDFS/420822.pdf

[winston]

not vested

3Q24: Hitting A Bumper; Prudent Progress Billing and Margins Recognition

Suncon’s 3Q24 earnings were below expectations, reflecting slower-than-expected progress billings of DC projects and conservative recognition of margins.

Despite still anticipating much stronger 2025 earnings premised on accelerated DC projects’ delivery and robust orderbook replenishment, 4Q24 earnings will likely only chart a marginal qoq improvement.

Valuations also appear fair at close to +1SD above mean based on 2025F earnings.

Maintain HOLD with a lower TP of RM4.54.

Source: UOBKH

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://39646150.fs1.hubspotusercontent-na1.net/hubfs/39646150/Research/Sunway%20Construction%20(SCGB%20MK)%20241122.pdf?utm_medium=email&_hsenc=p2ANqtz-_SefJ12JDpJOhNcLuOEsolf93HQCgsohpOGxr-8ms68uXh2NpOlq3E4X-fbtCXxmdWcSsuEatKEot4mIzRyttqKqL5eA&_hsmi=335149550&utm_content=335149550&utm_source=hs_email