SunCon Still Hot Despite Share Price Correction
SunCon Still Hot Despite Share Price Correction
Sunway Construction Group Berhad (Sunway Construction) has delivered a robust performance for the second quarter of 2024, with a core net profit (CNP) of RM39 million, reflecting a notable 18% increase year-on-year and a 20% rise quarter-on-quarter. This result brings the group's 1H24 CNP to RM71 million, up 17% compared to the same period last year. The results align with expectations, accounting for 46% of the full-year forecast and 39% of consensus estimates.
Sunway施工集团（Sunway Construction）在2024年第二季度取得了强劲的业绩，核心净利润（CNP）达到了马币3900万，同比显着增长18%，环比增长20%。这一成绩使得该集团上半年的CNP达到了马币7100万，较去年同期增长17%。这一结果符合预期，占全年预测的46%和共识估计的39%。
In response to the group's strong execution capabilities and successful job wins, analysts from RHB and Maybank have revised their earnings forecasts upwards. One analyst raised their FY24-26E CNP forecasts by 10%, 34%, and 56% respectively, adjusting the target price (TP) to RM3.70 from RM2.30, based on a revised 21x PER. One of the analyst maintains a BUY rating, adjusting the TP to RM5.50 from RM6.29, citing a 30% potential upside and a 3% dividend yield, though they acknowledge a miss in 1H24 earnings estimates.
鉴于该集团雄厚的执行能力和成功的项目赢得，RHb和Maybank的分析师已将其盈利预测上调。一位分析师将其FY24-26E CNP预测分别上调了10%，34%和56%，将目标价（TP）从RM2.30调整至RM3.70，基于修订后的21倍市盈率。其中一位分析师维持买入评级，并将目标价从RM6.29调整至RM5.50，称存在30%的潜在上涨空间和3%的股息收益率，尽管他们承认对2024年上半财报的预测偏差。
Sunway Construction's construction revenue surged by 11.6% year-on-year to RM597.6 million, driven by accelerated progress in building and data centre projects. The group's EBIT margin remained steady at 7.8%, with improvements in both revenue and profit before tax (PBT), which grew by 19.9% year-on-year to RM46.9 million. The precast division's PBT also saw a slight increase due to the reversal of provisions for completed projects.
Sunway施工的施工收入同比增长11.6%，达到马币59760万，受到建筑和数据中心项目进展加速的推动。集团的EBIt margin保持稳定，为7.8%，收入和税前利润（PBT）均有所改善，同比增长19.9%，达到马币4690万。预制品部门的PBT也因对已竣工项目逆转计提有所增加。
The company's order book stands at RM7.4 billion as of June 2024, bolstered by new job wins amounting to RM3.5 billion. This includes significant projects such as data centres in Klang Valley and Johor, and the Sunway Ipoh Mall. The group has raised its FY24 job win target to RM4 billion to RM5 billion, surpassing its initial target of RM2.5 billion to RM3 billion. The active tender book now totals RM13.7 billion, featuring major infrastructure projects including the Mutiara LRT and Penang International Airport expansion.
截至2024年6月，该公司的订单簿金额为马币74亿，受到了新的工程赢得金额为马币35亿的推动。其中包括诸如巴生谷和柔佛的数据中心以及双威怡保广场等重要项目。该集团已将FY24的工程赢得目标提高至马币40亿至50亿，超过了最初的目标（RM25亿至RM30亿）。目前活跃的投标簿总额为马币137亿，涵盖了包括Mutiara LRt和槟城国际机场扩建在内的重大基础设施项目。
Looking ahead, Sunway Construction is expected to benefit from a stronger pipeline of projects, particularly in the data centre and infrastructure sectors. Despite the recent correction in share price, analysts maintain a positive long-term outlook, with a revised TP of RM4.46 reflecting a 5.2% upside potential.
展望未来，Sunway施工有望从数据中心和基础设施行业的更强项目流中受益。尽管最近股价有所调整，分析师对其长期前景保持积极态度，修订后的目标价为马币4.46，反映出5.2%的上涨潜力。