Investment Houses Downgrade Sunway After Land Sale Deal
Investment Houses Downgrade Sunway After Land Sale Deal
MIDF Investment Bank (MIDF), in its Malaysia Market Update today (July 3), downgraded Sunway Berhad (SWB MK) to NEUTRAL following recent developments.
根據近期的事態發展，MIDF投資銀行（MIDF）在今天（7月3日）的《馬來西亞市場快訊》中將Sunway Berhad（SWB MK）的評級下調至中性。
Sunway Berhad announced the sale of 64 acres of land in Sunway City Iskandar Puteri (SCIP) to Equalbase Pte Ltd for RM380 million, paving the way for a data centre project within the SCIP Free Commercial Zone. This transaction, valued at RM134 per square foot, aims to unlock value in Sunway Berhad's Johor landbank, which spans nearly 2,000 acres with a GDV exceeding RM30 billion.
Sunway Berhad宣佈以 RM380 百萬美元的價格向Equalbase Pte Ltd出售位於雙威城依斯干達普特里（SCIP）的64英畝土地，爲上海化學工業區自由商業區內的數據中心項目鋪平了道路。這筆交易的價值爲每平方英尺 RM134，旨在釋放雙威有限公司柔佛州土地儲備的價值，該地塊佔地近 2,000 英畝，國內生產總值超過 300 億令吉。
Despite this positive development, MIDF maintained its earnings forecast for FY24F/25F/26F, excluding gains from land sales. The sale is anticipated to bolster SCIP's growth prospects, particularly as the Johor Bahru–Singapore Rapid Transit System nears completion by end-2026, enhancing regional connectivity.
儘管取得了這一積極進展，但MIDF維持了對24F/25F/26F財年的收益預期，其中不包括土地銷售的收益。此次出售預計將提振SCIP的增長前景，尤其是在柔佛新州-新加坡快速交通系統將於2026年底竣工之際，這將增強區域連通性。
Given these factors, MIDF upheld its target price for Sunway Berhad at RM3.98, underscoring confidence in its property and healthcare divisions' earnings potential. However, the downgrade from BUY to NEUTRAL reflects MIDF's assessment of limited near-term upside, despite favourable market conditions and ongoing projects.
鑑於這些因素，MIDF將Sunway Berhad的目標價格維持在3.98令吉，這凸顯了對其房地產和醫療保健部門盈利潛力的信心。但是，評級從買入下調至中性反映了MIDF對儘管市場條件有利且項目仍在進行中，但近期上行空間有限的評估。
Meanwhile Kenanga Investment Bank (Kenanga), in its latest analysis, echoed sentiments of cautious optimism towards Sunway Berhad (SWB), maintaining an UNDERPERFORM rating despite raising its target price to RM2.66 from RM2.47.
同時，肯南加投資銀行（Kenanga）在其最新分析中也表達了對Sunway Berhad（SWB）的謹慎樂觀情緒，儘管將目標價格從2.47令吉上調至2.66令吉，但仍維持表現不佳的評級。
MIDF highlighted the sale of 64 acres in SCIP to Equalbase for RM380 million, which it estimates will yield a gain of RM324 million or 5.7 sen per share. This deal, at RM136 per square foot, aligns with market pricing norms for data centre land in Iskandar Puteri, reflecting fair valuation metrics.
MIDF強調了以RM380 百萬美元的價格向Equalbase出售SCIP的64英畝土地，估計這將產生 RM324 百萬英畝或每股5.7仙的收益。這筆交易的價格爲每平方英尺 RM136，符合依斯干達普特里數據中心用地的市場定價標準，反映了公允估值指標。
Forecasts at Kenanga remain unchanged, excluding the one-off land sale impact, while acknowledging the minimal effect of RM380 million proceeds on Sunway Berhad's net debt and gearing ratios of RM7.6 billion and 0.5x, respectively.
Kenanga的預測保持不變，不包括一次性土地出售的影響，同時承認 RM380 百萬美元的收益對Sunway Berhad的淨負債和資產負債比率分別爲76億令吉和0.5倍的影響微乎其微。
The revised Sum-of-Parts (SoP) target price of RM2.66 incorporates these gains, albeit underperforming expectations due to recent share price gains and fair valuation metrics in the sector.
修訂後的2.66令吉目標價包含了這些漲幅，儘管由於該行業最近的股價上漲和公允估值指標，表現不如預期。
Investors are urged to weigh these factors against current market trends and company performance metrics before making investment decisions in Sunway Berhad.
我們敦促投資者在對Sunway Berhad做出投資決策之前，將這些因素與當前的市場趨勢和公司業績指標進行權衡。
譯文內容由第三人軟體翻譯。