Upside For Large-Cap Contractors Who Are Trading Below
Upside For Large-Cap Contractors Who Are Trading Below
The construction sector is expected to continue its strong momentum, supported by significant developments in major infrastructure projects, according to reports by RHB Investment Bank (RHB). The sector saw steady contract rollouts with MYR89 billion worth of projects awarded in the first half of 2024, reflecting robust private and government investments.
根據RhB投資銀行（RHB）的報告，在重大基礎設施項目重大發展的支持下，建築業預計將繼續保持強勁勢頭。該行業的合同穩步推出，2024年上半年授予了價值890令吉的項目，這反映了強勁的私人和政府投資。
RHB maintained its OVERWEIGHT rating in the construction sector, recommending top picks such as Gamuda, Sunway Construction, and Kerjaya Prospek. The bank noted that trading momentum among construction stocks is likely to remain strong, bolstered by progress in key projects such as the Mass Rapid Transit 3 (MRT3) and the Kuala Lumpur-Singapore High-Speed Rail (HSR) project.
RhB維持其在建築業的增持評級，推薦了金田、雙威建築和Kerjaya Prospek等首選。該銀行指出，受大衆捷運3（MRT3）和吉隆坡-新加坡高速鐵路（HSR）項目等關鍵項目進展的推動，建築股的交易勢頭可能保持強勁。
The house highlighted that the East Malaysia infrastructure projects showed promising advancements. Phase 1B of the Pan Borneo Highway Sabah and the Sarawak Sabah Link Road Phase 2 are progressing well, with several packages already awarded and more expected by the third quarter of 2024. This momentum is anticipated to drive further growth in the region's construction activities.
該機構強調，東馬來西亞的基礎設施項目取得了可喜的進展。沙巴泛婆羅洲公路第10期和砂拉越沙巴連接路第二階段進展順利，已經批准了多個一攬子計劃，預計到2024年第三季度還會有更多一攬子計劃。預計這一勢頭將推動該地區建築活動的進一步增長。
The industrial sector also showed remarkable growth, with non-residential properties seeing MYR77 billion worth of projects awarded year-to-date compared to MYR81.7 billion in 2023. This growth is attributed to rising foreign direct investment (FDI), with Malaysia approving MYR83.7 billion in investments in the first quarter of 2024, 57% of which were foreign investments.
工業部門也表現出顯著增長，今年迄今爲止，非住宅物業的授標項目價值爲770令吉，而2023年爲817令吉。這種增長歸因於外國直接投資（FDI）的增加，馬來西亞在2024年第一季度批准了837令吉的投資，其中57％是外國投資。
RHB reported that the Bursa Malaysia Construction Index (BMCI) is trading at a forward Price-to-Earnings (P/E) ratio of 19-20x, which is above the 16x seen during the 2017 construction upcycle. The bank believes there is still room for upside, especially with the prevalence of industrial projects such as data centres, which were not present in the previous upcycle. Mid- to large-cap contractors like Gamuda and Kerjaya Prospek are trading at below 20x, suggesting potential for index growth.
RhB報告稱，馬來西亞證券交易所建築指數（BMCI）的遠期市盈率（P/E）爲19-20倍，高於2017年建築業上升週期的16倍。該銀行認爲仍有上漲空間，尤其是在數據中心等工業項目盛行的情況下，這些項目在之前的升級週期中不存在。像Gamuda和Kerjaya Prospek這樣的中型到大型承包商的交易價格低於20倍，這表明指數有增長潛力。
Top picks, Gamuda, Sunway Construction, and Kerjaya Prospek, are highlighted for their strong earnings visibility over the next two years. Gamuda has a significant presence both domestically and overseas, while Sunway Construction and Kerjaya Prospek benefit from steady project pipelines and ongoing industrial jobs.
首選佳木達、雙威建築和Kerjaya Prospek因其在未來兩年中強勁的收益知名度而備受關注。Gamuda在國內外均佔有重要地位，而Sunway Construction和Kerjaya Prospek則受益於穩定的項目管道和持續的工業就業機會。
譯文內容由第三人軟體翻譯。