SunCon Financially Unimpacted From Song Hau 2 Termination
SunCon Financially Unimpacted From Song Hau 2 Termination
Sunway Construction has maintained a strong order book of RM7.9bn, ensuring earnings visibility for the next three years, as cited by RHB Investment Bank (RHB) in its Malaysia Company Update today (Jul 5, Friday). Prospects are reinforced by ongoing and prospective projects in data centres, warehouses, and semiconductor manufacturing facilities.
Sunway Construction的訂單簿保持強勁，爲未來三年提供收益可見性，根據大華投資銀行（RHB）在今天（7月5日星期五）發佈的馬來西亞公司更新中所述。數據中心、倉庫和半導體制造設施的持續和潛在項目進一步增強了前景。
A BUY rating has been maintained by RHB for SCGB, with a revised target price of RM4.92, up from RM4.32, indicating a 19% upside potential and approximately 2% FY24F yield.
RHB爲SCGB保持買入評級，將目標價從RM4.32上調至RM4.92，表明有19%的上漲潛力和約2%的FY24F收益率。
It was reported by the analyst at the bank that the termination of the Build-Operate-Transfer (BOT) contract for the Song Hau 2 thermal power plant (SH2P) by Vietnam's Ministry of Industry and Trade would not financially impact SCGB, as the project was not included in its order book.
該銀行的分析師指出，越南行業部終止松侯2號火力發電廠（SH2P）的建設-經營-轉讓（BOT）合同不會對SCGb造成經濟影響，因爲該項目未被包含在其訂單簿中。
It was highlighted by RHB that around 50% of the order book comprises data centre (DC) projects, with further tenders for warehouse and semiconductor manufacturing facilities in progress. The Daiso Malaysia Group's global distribution centre warehouse in Port Klang, valued at RM298 million, was mentioned as SCGB's current significant warehouse project.
RHB指出，約50%的訂單簿包含數據中心（DC）項目，並正在進行倉庫和半導體制造設施的招標。Daiso Malaysia Group在瓜拉吉賴港（Port Klang）的全球分銷中心倉庫價值爲29800萬林吉特，被稱爲SCGB目前的重大倉庫項目。
The job replenishment assumptions for FY25F and FY26F were increased to RM3.5bn from RM2.5bn, while the FY24F new job target remains at RM4.5bn. The decision was based on projections from Cushman and Wakefield's APAC Centre Update, which anticipates a 600% growth in Malaysia's DC operational capacity over the next five years.
FY25F和FY26F的工作補充假設從RM2.5bn增加至RM3.5bn，而FY24F的新工作目標仍爲RM4.5bn。這一決定基於戴德梁行（Cushman and Wakefield）亞太區中心更新的預測，該預測認爲馬來西亞未來五年內的DC運營能力將增長600%。
The earnings estimates for SCGB were raised by 14% for both FY25F and FY26F. The new target price of RM4.92 is based on a target P/E of 21.5x FY25F EPS, including a 6% ESG premium. It was noted by RHB that SCGB's strong position in the DC market provides stability even if infrastructure projects like the Mass Rapid Transit 3 are delayed.
SCGB的盈利預測分別上調了14%的FY25F和FY26F。RM4.92的新目標價基於21.5倍FY25F每股收益的目標市盈率，包括6%的ESG溢價。RHB指出，SCGB在DC市場中的強勢地位即使基礎設施項目像第三條大規模交通運輸項目（Mass Rapid Transit 3）受阻也能提供穩定性。
SCGB's hospital expansion plans in Penang, Kelantan, and Iskandar Puteri were identified as additional long-term growth drivers. The positive outlook on SCGB was reiterated by RHB, encouraging investors to consider the stock for its solid order book, strong market positioning, and potential for significant earnings growth.
大華投資銀行認爲，SCGB在檳城、吉蘭丹和依斯干達普特里擴張醫院計劃將是其長期增長驅動力之一。RHB重申對SCGB的積極展望，鼓勵投資者考慮該股票的堅實訂單簿、強勁市場地位和潛在的顯著收益增長。