Sunway Construction Poised For Growth With Song Hau 2 Project
Sunway Construction Poised For Growth With Song Hau 2 Project
RHB Investment Bank (RHB) reported a positive outlook for Sunway Construction (SCGB MK) following recent developments, maintaining a BUY recommendation with a new target price (TP) of RM4.32, indicating a 14% upside and approximately 2% FY24F yield.
RHB投资银行对Sunway建造业（SCGB MK）最近的发展前景持乐观态度，维持买入建议，并设立新的目标价（TP）为RM4.32，表示14%的上涨空间和大约2%的FY24F收益率。
The latest update centres on Toyo Ventures Holdings' (TOYOVEN MK) subsidiary Song Hau 2 Power Company achieving the financial closing date for the Song Hau 2 thermal power plant (SH2P) on June 28, a significant milestone despite pending funding details.
最新更新集中在Toyo Ventures Holdings（TOYOVEN MK）子公司松口2电力公司于6月28日实现了松口2热电厂（SH2P）的财务结束日，尽管仍有待资金细节。
Earlier, on June 7, TOYOVEN secured an equipment procurement facility of up to USD 980 million, potentially financing 70% of SH2P's invoice amount, and on June 12 it entered into a grid connection agreement with Vietnam's National Power Transmission Corporation.
早些时候，TOYOVEN获得了多达980万美元的设备采购额度，可能为SH2P发票金额的70%提供资金，并于6月12日与越南国家电力输电公司签订了电网连接协议。
Sunway Construction, through a joint venture with Power Engineering Consulting Joint Stock Company 2 (PECC2), formalised the EPCC contract for SH2P in March 2023, with SCGB holding a 55% stake, translating to an effective share of approximately RM6bn in the USD2.4bn project.
Sunway建造业（SCGB）与Power Engineering Consulting Joint Stock Company 2（PECC2）联合组建的公司于2023年3月正式确定了SH2P的EPCC合同，SCGB持有55％的股份，在总价值为24亿美元的项目中有效股份约为60亿林吉特。
RHB adopted a cautious stance, making no changes to SCGB's earnings estimates pending the notice to proceed by TOYOVEN, though projections indicate SH2P could boost earnings by less than 5% for FY24F and 18–32% for FY25F and FY26F, assuming the project value remains constant.
尽管预计SH2P项目价值持平，RHB采取了谨慎的态度，没有更改SCGB的盈利预测，待TOYOVEN的进展通知，尽管预计SH2P可使FY24F的盈利增长不到5%，FY25F和FY26F的增长为18-32%。
Despite unchanged earnings forecasts, RHB increased the target price-to-earnings ratio (P/E) to 21.5x from 20.5x for FY25F EPS, reflecting SCGB's potential to secure significant data centre projects in Johor and Selangor, adding to the RM4.3bn worth of data centre works already secured.
尽管盈利预测没有改变，但RHB将FY25F EPS的目标市盈率（P / E）从20.5x提高到21.5x，反映SCGB在柔佛和雪兰莪获得大型数据中心项目的潜力，此外还增加了价值4.3亿令吉的数据中心工程。
RHB anticipates further growth in SCGB's order book, currently around RM7.9bn excluding SH2P, from industrial projects related to warehouses and semiconductor facilities, highlighting a recent contract for Daiso Malaysia Group's global distribution centre in Port Klang worth RM298m.
RHB预计SCGB的订单簿将进一步增长，目前约为79亿马币，不包括SH2P，这归功于与仓库和半导体设施相关的工业项目，并强调最近与Port Klang的Daiso Malaysia Group签订的全球分销中心合同价值为2.98亿令吉。
With manageable risks of manpower capacity constraints and the potential for industrial building systems deployment, SCGB is well-positioned to benefit from long-term catalysts such as Sunway's hospital expansion plans across Penang, Kelantan, and Iskandar Puteri.
在可控制的人力能力限制和工业建筑系统的部署风险方面，SCGB处于有利地位，能够从长期催化剂中受益，例如Sunway在槟城、吉兰丹和依斯干达彭亨的扩张医院计划。
Given the robust pipeline and strategic initiatives, RHB believes that SCGB offers attractive investment potential, justifying the maintained BUY rating and revised TP of RM4.32, incorporating a 6% ESG premium.
鉴于强大的项目管道和战略举措，RHB认为SCGB具有有吸引力的投资潜力，维持买入评级和修订后的目标价为RM4.32，考虑到6%的esg溢价。