Upside For Large-Cap Contractors Who Are Trading Below
Upside For Large-Cap Contractors Who Are Trading Below
The industrial sector also showed remarkable growth, with non-residential properties seeing MYR77 billion worth of projects awarded year-to-date compared to MYR81.7 billion in 2023. This growth is attributed to rising foreign direct investment (FDI), with Malaysia approving MYR83.7 billion in investments in the first quarter of 2024, 57% of which were foreign investments.The construction sector is expected to continue its strong momentum, supported by significant developments in major infrastructure projects, according to reports by RHB Investment Bank (RHB). The sector saw steady contract rollouts with MYR89 billion worth of projects awarded in the first half of 2024, reflecting robust private and government investments.
根據馬來西亞銀行（RHB）的報告，主要基礎設施項目的重大發展將支撐建築行業持續強勁的發展勢頭。該行業在2024年上半年獲得了價值890億馬來西亞林吉特的項目合同，反映出強勁的私人和政府投資。
RHB maintained its OVERWEIGHT rating in the construction sector, recommending top picks such as Gamuda, Sunway Construction, and Kerjaya Prospek. The bank noted that trading momentum among construction stocks is likely to remain strong, bolstered by progress in key projects such as the Mass Rapid Transit 3 (MRT3) and the Kuala Lumpur-Singapore High-Speed Rail (HSR) project.
RHb銀行維持對建築行業的超配（Overweight）評級，推薦Gamuda、Sunway Construction和Kerjaya Prospek等最佳選擇。該銀行指出，建築股票的交易強勁勢頭有望繼續保持，受益於大型項目如大衆交通3號線（MRT3）和吉隆坡-新加坡高鐵（HSR）項目的進展。
The house highlighted that the East Malaysia infrastructure projects showed promising advancements. Phase 1B of the Pan Borneo Highway Sabah and the Sarawak Sabah Link Road Phase 2 are progressing well, with several packages already awarded and more expected by the third quarter of 2024. This momentum is anticipated to drive further growth in the region's construction activities.
該機構強調東馬的基礎設施項目有着良好的進展。沙巴泛婆羅洲公路第10億段和砂沙公路第二段的工程進展順利，已經獲得了若干項目，並有望在2024年第三季度獲得更多項目。這一勢頭預計將推動該地區的建築活動進一步增長。
The industrial sector also showed remarkable growth, with non-residential properties seeing MYR77 billion worth of projects awarded year-to-date compared to MYR81.7 billion in 2023. This growth is attributed to rising foreign direct investment (FDI), with Malaysia approving MYR83.7 billion in investments in the first quarter of 2024, 57% of which were foreign investments.
工業領域也表現出了顯著的增長，非住宅物業年初至今獲得了價值770億馬來西亞林吉特的項目，而2023年爲817億馬來西亞林吉特。這一增長歸因於外商直接投資的增加，馬來西亞在2024年第一季度批准了837億馬來西亞林吉特的投資，其中57%是外國投資。
RHB reported that the Bursa Malaysia Construction Index (BMCI) is trading at a forward Price-to-Earnings (P/E) ratio of 19-20x, which is above the 16x seen during the 2017 construction upcycle. The bank believes there is still room for upside, especially with the prevalence of industrial projects such as data centres, which were not present in the previous upcycle. Mid- to large-cap contractors like Gamuda and Kerjaya Prospek are trading at below 20x, suggesting potential for index growth.
RHb報告稱，馬來西亞交易所建築指數（BMCI）的前瞻市盈率（P/E）爲19-20倍，高於2017年建築行業高潮時的16倍。該銀行認爲，尤其是在工業項目（如數據中心）普及的情況下，指數仍有上漲空間。Gamuda和Kerjaya Prospek等中大型承包商的市盈率低於20倍，表明指數有增長潛力。
Top picks, Gamuda, Sunway Construction, and Kerjaya Prospek, are highlighted for their strong earnings visibility over the next two years. Gamuda has a significant presence both domestically and overseas, while Sunway Construction and Kerjaya Prospek benefit from steady project pipelines and ongoing industrial jobs.
Gamuda、Sunway Construction和Kerjaya Prospek等首選股票因其未來兩年的強勁盈利前景而備受關注。Gamuda在國內外都有重要業務，而Sunway Construction和Kerjaya Prospek則受益於穩定的項目合同和持續的工業訂單。
譯文內容由第三人軟體翻譯。
