Robust Sales And Continued Healthcare Sector Expansion Boost Sunway's Prospects
Robust Sales And Continued Healthcare Sector Expansion Boost Sunway's Prospects
RHB Research also pointed to the completion of Parc Central Residences as a key driver for Sunway's 3Q24 earnings, with RM124 million in accumulated development profit recognised. The research house also noted that Sunway's healthcare segment showed strong growth, with a 9% increase in revenue and a 27% growth in earnings before interest and tax on a QoQ basis. The firm raised its TP to RM5.75 from RM5, citing stronger potential from Sunway Healthcare Group, particularly after the re-rating of listed healthcare stocks.
Analysts have given mixed but generally favourable views on Sunway Bhd, with both MIDF Amanah Investment Bank Bhd maintaining a NEUTRAL rating, with a revised target price (TP) of RM4.92, up from RM4.24, while RHB Investment Bank Bhd (RHB Research) kept a BUY rating with a new TP of RM5.75, offering a potential upside of 16%.
分析師對雙威集團的看法褒貶不一，但整體較爲看好，MIDF Amanah 投資銀行保持中立評級，將目標價（TP）上調至RM4.92，高於RM4.24，而RHb 投資銀行（RHb 研究）仍維持買入評級，設定新的目標價爲RM5.75，提供16%的潛在上漲空間。
MIDF Research highlighted that Sunway's 9MFY24 earnings exceeded expectations, primarily driven by a stronger-than-anticipated performance from the property development division. Core net income for the period came in at RM734.5 million, representing 91% and 88% of MIDF Research's and consensus' estimates, respectively.
MIDF Research強調，雙威集團2024年前9個月的盈利超出預期，主要受到房地產開發部門表現強勁的推動。該時期的核心淨利潤爲RM73450萬，分別佔據了MIDF Research和一致預期估值的91%和88%。
The positive deviation was attributed to the lumpy earnings recognition from the Parc Central Residences project in Singapore, completed in July 2024. This recognition boosted profit before tax from the property development division by 164% quarter-on-quarter (QoQ). The healthcare division also saw a solid performance, with a 27.8% QoQ increase in earnings.
積極偏差被歸因於新加坡Parc Central Residences項目的突發的盈利確認，該項目於2024年7月完成。這一確認使得房地產開發部門的稅前利潤環比增長164%。醫療保健部門也表現出色，盈利環比增長27.8%。
RHB Research also pointed to the completion of Parc Central Residences as a key driver for Sunway's 3Q24 earnings, with RM124 million in accumulated development profit recognised. The research house also noted that Sunway's healthcare segment showed strong growth, with a 9% increase in revenue and a 27% growth in earnings before interest and tax on a QoQ basis. The firm raised its TP to RM5.75 from RM5, citing stronger potential from Sunway Healthcare Group, particularly after the re-rating of listed healthcare stocks.
RHb Research也指出Parc Central Residences項目的完成是雙威集團2024年第3季度盈利的關鍵推動因素，認定遞延的發展利潤爲RM12400萬。該研究機構還指出，雙威集團的醫療部門表現強勁，收入增長9%，息稅前利潤以季度環比增長27%。該公司將目標價從RM5上調至RM5.75，原因是從雙威醫療集團以及上市醫療股評級再次評估後，預期強勁。
On property sales, both analysts noted that Sunway is on track to meet its full-year target. MIDF Research reported that Sunway achieved RM1.85 billion in new property sales for 9MFY24, surpassing 70% of its RM2.6 billion sales target. RHB Research similarly observed that Sunway's sales momentum remained strong, with several projects, including Sunway Maple and Novo Place, performing well in terms of sales take-up rates. Sunway's property sales were also bolstered by strong demand for developments in Singapore and Malaysia.
在房地產銷售方面，兩家分析公司指出雙威集團有望實現全年目標。 MIDF Research報告稱，雙威在2024財年前9個月實現了新的房地產銷售額爲18.5億令吉，超過了其26億令吉銷售目標的70%。RHb Research同樣觀察到，雙威的銷售勢頭依然強勁，包括Sunway Maple和Novo Place在內的多個項目在銷售方面表現出色。雙威的房地產銷售也受到了新加坡和馬來西亞發展需求旺盛的支撐。
Despite the positive earnings, both analysts raised concerns about the limited upside in the short term. However, looking ahead, both research houses remained optimistic about Sunway's long-term prospects, underpinned by its robust sales pipeline and continued expansion in the healthcare sector.
儘管收益呈現積極態勢，兩位分析師對短期內的上漲空間有所擔憂。然而，展望未來，兩家研究機構都對雙威的長期前景持樂觀態度，這得益於其強勁的銷售渠道和在醫療保健領域持續擴張。
譯文內容由第三人軟體翻譯。
