Sunway Constructions
Sunway Construction (SunCon) has clinched a substantial RM1.5 billion addition to its existing JHB1X0 contract, skyrocketing its value to RM3.2 billion, marking its most significant single contract since inception.
The project, slated for completion by February 2026, promises a positive contribution to FY24F revenue and earnings. With this lucrative win, SunCon’s order book burgeons by 25% to RM7.9 billion, ensuring a busy pipeline for the next 2-3 years.
The company has already surpassed its year-to-date target with RM3.3 billion in new orders. Trading at 18x FY25F PE, SunCon maintains a BUY rating with a revised fair value of RM3.70/share.
“SunCon currently trades at 18x FY25F PE, below its 3-year average of 20x, with a decent dividend yield of 3.3%. Maintain BUY on Sunway Construction (SunCon) with a higher fair value (FV) of RM3.70/share (from RM3.59/share) due to higher earnings estimates.
“Our revised FV is based on an unchanged 20x FY25F P/E, which is on par with its 3- year average. Our 4-star ESG rating remains unchanged, which yields a premium of 3% to our FV,” says AmBank.
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