SunCon Still Hot Despite Share Price Correction
SunCon Still Hot Despite Share Price Correction
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.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.
三威建築集團有限公司（Sunway Construction）在2024年第二季度表現強勁，核心淨利潤（CNP）爲3900萬令吉，同比顯著增長18％，同比增長20％。這一結果使該集團24年上半年的淨收入達到71萬令吉，與去年同期相比增長了17％。結果與預期一致，佔全年預測的46％，佔共識估計的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.
爲了應對該集團強大的執行能力和成功贏得的工作機會，RhB和Maybank的分析師上調了其收益預期。一位分析師將其 FY24-26E CNP 預測分別上調了 10%、34% 和 56%，根據修訂後的21倍市盈率，將目標價格（TP）從2.30令吉調整至3.70令吉。其中一位分析師維持買入評級，將目標股價從6.29令吉調整至5.50令吉，理由是潛在上漲幅度爲30％，股息收益率爲3％，儘管他們承認24年上半年的收益預期未達預期。
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.
受建築和數據中心項目加速進展的推動，雙威建築的建築收入同比增長11.6％，至59760萬令吉。該集團的息稅前利潤率穩定在7.8％，收入和稅前利潤（PBT）均有所改善，同比增長19.9％，達到4690萬令吉。由於已完成項目的準備金逆轉，預製部門的PbT也略有增加。
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，該公司的訂單量爲74令吉，這得益於總額爲35令吉的新增就業機會。這包括重大項目，例如巴生谷和柔佛的數據中心，以及雙威怡保購物中心。該集團已將24財年的求職目標上調至40令吉至50令吉，超過了最初設定的25令吉至30令吉的目標。目前正在進行的招標書總額爲137令吉，其中包括包括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，預計Sunway Construction將受益於更多的項目，尤其是在數據中心和基礎設施領域。儘管最近股價出現回調，但分析師仍保持樂觀的長期前景，修訂後的目標爲4.46令吉，反映了5.2％的上行潛力。
譯文內容由第三人軟體翻譯。