SunCon Financially Unimpacted From Song Hau 2 Termination
SunCon Financially Unimpacted From Song Hau 2 Termination
Sunway Construction has maintained a strong order book of RM7.9bn, ensuring earnings visibility for the next three years, as cited by RHB Investment Bank (RHB) in its Malaysia Company Update today (Jul 5, Friday). Prospects are reinforced by ongoing and prospective projects in data centres, warehouses, and semiconductor manufacturing facilities.
興業銀行投資銀行（RHB）今天（7月5日星期五）在其《馬來西亞公司簡報》中引述說，雙威建築一直保持着79億令吉的強勁訂單量，確保了未來三年的盈利可見性。數據中心、倉庫和半導體制造設施中正在進行和潛在的項目增強了前景。
A BUY rating has been maintained by RHB for SCGB, with a revised target price of RM4.92, up from RM4.32, indicating a 19% upside potential and approximately 2% FY24F yield.
rHb維持了對sCGB的買入評級，修訂後的目標價爲4.92令吉，高於4.32令吉，表明上行潛力爲19％，FY24F 收益率約爲2％。
It was reported by the analyst at the bank that the termination of the Build-Operate-Transfer (BOT) contract for the Song Hau 2 thermal power plant (SH2P) by Vietnam's Ministry of Industry and Trade would not financially impact SCGB, as the project was not included in its order book.
該銀行的分析師報告說，越南工業和貿易部終止Song Hau 2火力發電廠（SH2P）的建設-運營-移交（BOT）合同不會對sCGB產生財務影響，因爲該項目未包含在其訂單中。
It was highlighted by RHB that around 50% of the order book comprises data centre (DC) projects, with further tenders for warehouse and semiconductor manufacturing facilities in progress. The Daiso Malaysia Group's global distribution centre warehouse in Port Klang, valued at RM298 million, was mentioned as SCGB's current significant warehouse project.
RhB強調，約有50％的訂單包括數據中心（DC）項目，倉庫和半導體制造設施的進一步招標正在進行中。大創馬來西亞集團位於巴生港的全球配送中心倉庫價值29800萬令吉，被視爲SCGB目前的重要倉庫項目。
The job replenishment assumptions for FY25F and FY26F were increased to RM3.5bn from RM2.5bn, while the FY24F new job target remains at RM4.5bn. The decision was based on projections from Cushman and Wakefield's APAC Centre Update, which anticipates a 600% growth in Malaysia's DC operational capacity over the next five years.
FY25F 和 FY26F 的就業補給假設從25億令吉增加到35億令吉，而 FY24F 的新就業目標仍爲45億令吉。該決定基於庫什曼和韋克菲爾德的《亞太地區中心更新》的預測，該預測預計未來五年馬來西亞的華盛頓特區運營能力將增長600％。
The earnings estimates for SCGB were raised by 14% for both FY25F and FY26F. The new target price of RM4.92 is based on a target P/E of 21.5x FY25F EPS, including a 6% ESG premium. It was noted by RHB that SCGB's strong position in the DC market provides stability even if infrastructure projects like the Mass Rapid Transit 3 are delayed.
sCGB 對 FY25F 和 FY26F 的收益預期均提高了14％。新的目標價爲4.92令吉，基於 FY25F 每股收益21.5倍的目標市盈率，包括6％的ESG溢價。RhB指出，即使像Mass Rapid Transit 3這樣的基礎設施項目被推遲，SCGB在華盛頓特區市場的強勢地位也能提供穩定性。
SCGB's hospital expansion plans in Penang, Kelantan, and Iskandar Puteri were identified as additional long-term growth drivers. The positive outlook on SCGB was reiterated by RHB, encouraging investors to consider the stock for its solid order book, strong market positioning, and potential for significant earnings growth.
SCGB在檳城、吉蘭丹和依斯干達·普特里的醫院擴建計劃被確定爲額外的長期增長動力。RhB重申了對sCGB的樂觀前景，鼓勵投資者考慮該股的訂單，強勁的市場定位以及盈利顯著增長的潛力。
譯文內容由第三人軟體翻譯。