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施工集團（Sunway Construction）在2024年第二季度取得了強勁的業績，核心淨利潤（CNP）達到了馬幣3900萬，同比顯着增長18%，環比增長20%。這一成績使得該集團上半年的CNP達到了馬幣7100萬，較去年同期增長17%。這一結果符合預期，佔全年預測的46%和共識估計的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.
鑑於該集團雄厚的執行能力和成功的項目贏得，RHb和Maybank的分析師已將其盈利預測上調。一位分析師將其FY24-26E CNP預測分別上調了10%，34%和56%，將目標價（TP）從RM2.30調整至RM3.70，基於修訂後的21倍市盈率。其中一位分析師維持買入評級，並將目標價從RM6.29調整至RM5.50，稱存在30%的潛在上漲空間和3%的股息收益率，儘管他們承認對2024年上半業績的預測偏差。
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長11.6%，達到馬幣59760萬，受到建築和數據中心項目進展加速的推動。集團的EBIt margin保持穩定，爲7.8%，收入和稅前利潤（PBT）均有所改善，同比增長19.9%，達到馬幣4690萬。預製品部門的PBT也因對已竣工項目逆轉計提有所增加。
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，該公司的訂單簿金額爲馬幣74億，受到了新的工程贏得金額爲馬幣35億的推動。其中包括諸如巴生谷和柔佛的數據中心以及雙威怡保廣場等重要項目。該集團已將FY24的工程贏得目標提高至馬幣40億至50億，超過了最初的目標（RM25億至RM30億）。目前活躍的投標簿總額爲馬幣137億，涵蓋了包括Mutiara LRt和檳城國際機場擴建在內的重大基礎設施項目。
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.
展望未來，Sunway施工有望從數據中心和基礎設施行業的更強項目流中受益。儘管最近股價有所調整，分析師對其長期前景保持積極態度，修訂後的目標價爲馬幣4.46，反映出5.2%的上漲潛力。