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.
印度興業銀行投資銀行（RHB）報告稱，繼最近的事態發展之後，信威建築（SCGB MK）的前景樂觀，維持買入建議，新的目標價（TP）爲4.32令吉，表明上漲14％，FY24F 收益率約爲2％。
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.
最新的更新集中在東洋風險控股公司（TOYOVEN MK）的子公司松豪二號電力公司於6月28日完成鬆口二號火力發電廠（SH2P）的財務截止日期，儘管融資細節尚待確定，但這是一個重要的里程碑。
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.
此前，TOYOVEN於6月7日獲得了高達9.8億美元的設備採購資金，有可能爲SH2P發票金額的70％提供資金，並於6月12日與越南國家輸電公司簽訂了電網連接協議。
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 Construction通過與第二電力工程諮詢股份公司（PECC2）的合資企業，於2023年3月正式簽訂了SH2P的EPCC合同，SCGB持有55％的股份，這意味着在這個24億美元的項目中擁有約60億令吉的有效份額。
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.
RHB採取了謹慎的立場，在TOYOVEN發出繼續操作的通知之前，沒有對SCGB的收益估計進行任何修改，儘管預測表明，假設項目價值保持不變，SH2P可能使 FY24F 的收益增長不到5％，FY25F 和FY26F 的收益增長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.
儘管盈利預測保持不變，但RHB將 FY25F 每股收益的目標市盈率（P/E）從20.5倍提高至21.5倍，這反映了SCGB在柔佛州和雪蘭莪州保護重要數據中心項目的潛力，此外還增加了已經獲得的價值43億令吉的數據中心工程。
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預計，SCGB的訂單量將進一步增長，目前不包括SH2P，約爲79億令吉，來自與倉庫和半導體設施相關的工業項目，這突顯了大創馬來西亞集團在巴生港的全球配送中心最近簽訂的價值2.98億令吉的合同。
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.
由於人力容量限制的風險可控以及工業建築系統部署的可能性，SCGB完全有能力從長期催化劑中受益，例如雙威在檳城、吉蘭丹和依斯干達普特里的醫院擴建計劃。
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.
鑑於穩健的投資渠道和戰略舉措，RHB認爲SCGB具有誘人的投資潛力，這證明維持買入評級和修訂後的目標價爲4.32令吉（包括6％的ESG溢價）是合理的。
譯文內容由第三人軟體翻譯。