Healthy Project Pipeline For Suncon, CGS Raises Outlook
Healthy Project Pipeline For Suncon, CGS Raises Outlook
CGS maintained its ADD rating on SUNCON, citing a promising 3-year EPS CAGR of 23% and robust ROEs of 23–30% for FY24–FY26F. It identified government infrastructure awards and expanded data centre projects as catalysts for further re-rating.Sunway Construction Group Bhd (SUNCON) experienced a potent combination of earnings upgrades and P/E re-ratings, as cited by CGS International Stock Broking House, in their report today (July 11, Thursday). CGS expects SUNCON to achieve its Fiscal Year 2024 Forecast (FY24F) new order wins of RM5.2 billion, particularly benefiting from upsizing existing data centre projects.
This prompted the broking house to reiterate an ADD rating while raising the target price to RM5.46.
Sunway Construction Group Bhd (SUNCON)在CGS國際證券報告中引用，經歷了盈利升級和P / E重新評級的強大組合。 CGS預計，SUNCON將實現其2024財年預測（FY24F）520百萬馬來西亞令吉的新訂單，特別受益於現有數據中心項目的擴大。
這促使證券公司重申增持評級，並將目標價提高至5.46馬來西亞令吉。
CGS highlighted SUNCON's strategic shift towards data centre projects and potential government infrastructure revivals following the setback of the Song Hau 2 thermal plant project cancellation. With data centres contributing significantly to its orderbook, SUNCON is poised for projects like the expanded Sedenak data centre contract, now valued at RM3.2 billion, and additional bids in Johor.
CGS強調SUNCON朝着數據中心項目的戰略轉型和潛在的政府基礎設施復甦，此前Song Hau 2火電廠項目取消。由於數據中心對其訂單簿的重要貢獻，SUNCON已準備好參與諸如價值爲3200百萬馬來西亞令吉的擴建Sedenak數據中心合同和在柔佛州的其他投標項目。
The broking house raised its earnings forecasts for FY24F–FY26F by 6%, 23%, and 8%, respectively, adjusting revenue recognition for key projects like Sedenak. With an upgraded target price derived from its SOP model to RM5.46, CGS justified a higher target P/E of 22x for SUNCON, reflecting superior ROEs and a leading market position in data centres. The recent re-rating driven by EPS upgrades supports CGS's positive outlook, emphasizing SUNCON's execution track record and early mover advantage in data centres.
證券公司將其FY24F-FY26F盈利預測分別上調6％，23％和8％，調整Sedenak等重要項目的營收確認。憑藉升級的目標價（從其SOP模型中派生）爲5.46馬來西亞令吉，CGS爲SUNCON辯解了更高的目標市盈率22倍，反映出卓越的ROE和在數據中心中的領先地位。最近由EPS升級推動的重新評級支持了CGS的積極展望，強調SUNCON在數據中心領域的執行記錄和先發優勢。
CGS maintained its ADD rating on SUNCON, citing a promising 3-year EPS CAGR of 23% and robust ROEs of 23–30% for FY24–FY26F. It identified government infrastructure awards and expanded data centre projects as catalysts for further re-rating.
CGS維持其對SUNCON的增持評級，稱其將在FY24-FY26F期間擁有有前景的3年EPS CAGR 23％，以及強大的FY24-FY26F ROE 23-30％。它將政府基礎設施獎項和擴展數據中心項目視爲進一步重新評級的催化劑。
