Suncon Eyeing Four More Data Centre Projects
Suncon Eyeing Four More Data Centre Projects
This week Sunway Construction announced it had accepted an additional variation order (VO) of RM265m from the Yondr data centre in Sedenak Tech Park, Johor. This has increased the total contract value for this data centre project to RM3.5b and also raised its YTD contract win to RM3.9b and current outstanding order book to RM7.8b. Kenanga said it has learnt that there are four more data centre jobs in the pipeline and keeps its estimates, MP rating and TP of RM4.71 unchanged.
Sunway Construction本周宣布,已接受马来西亚壹公司(Yondr数据中心)在马来西亚柔佛州Sedenak科技园的额外变更订单(VO),金额为RM26500万。 这增加了该数据中心项目的总合同价值达到RM35亿,并将其YTD中标总额提高到RM39亿,目前的订单簿总额为RM78亿。 肯甘嘉表示,已了解到管道中还有四个数据中心项目,并保持其对RM4.71的预估不变。
On Wednesday, SUNCON announced that it has accepted a VO worth RM265m as additional tenant improvement works from Yellowwood Properties Sdn Bhd for the latter's JHB1X0 data centre project in Sedenak Tech Park. This boosted the total contract value of SUNCON's JHB1X0 to RM3.5b from RM3.2b. To cap, SUNCON was awarded a RM1.7b contract to build JHB1X0 in Dec 2022. Subsequently, an additional NTP4 work worths RM1.5b was awarded in June this year, followed by an RM82m VO in Sept, before this RM265m VO. The scheduled completion for this data centre project remains unchanged – by Feb 2026. The house said it views this announcement positively as it increased SUNCON's YTD job wins to RM3.9b, close to management's target of RM4b-RM5b and the assumption of RM4.5b in FY24.
SUNCON在周三宣布,已接受了来自Yellowwood Properties Sdn Bhd的JHB1X0数据中心项目的额外租户改善工程变更订单,金额为RM26500万。 这将SUNCON的JHB1X0的总合同价值从RM32亿提升至RM35亿。 此外,SUNCON还于2022年12月获得了一份价值RM17亿的JHB1X0建设合同。 随后,今年6月还获得了价值RM15亿的NTP4工程,9月获得了RM8200万的VO,在此之前,还有RM26500万的VO。 该数据中心项目的计划完工时间仍未变更-即2026年2月。 公司表示,此次公告对SUNCON的YTD中标总额有积极影响,使其接近RM40亿的管理目标。RM50亿,以及对FY24的假设45亿RM。
Kenanga said it understands that SUNCON has tendered for four data centre projects currently with a potential additional VO from its K2 data centre project. Typically, data centre building jobs can fetch an EBIT margin that is at the higher end of the range of 5% to 8% for building jobs. The house assumes an EBIT margin of 7.5% for the additional work. Its outstanding order book stands at RM7.8b currently.
肯甘嘉表示,了解到SUNCON目前已为四个数据中心项目投标,其中包括其K2数据中心项目的潜在额外VO。 通常,数据中心建设工程的EBIt利润率处于5%至8%的区间的较高端。 公司假设该额外工作的EBIt利润率为7.5%。 目前,其订单簿总额为RM78亿。
Forecasts for Suncon is maintained with an unchanged job win assumption of RM4.5b and RM4.0b for FY24F and FY25F, respectively. As for valuations, the house keeps its TP of RM4.71, based on 22x FY25F PER, which is in-line with valuation for big cap construction companies. The TP also includes a 5% premium to reflect a 4-star ESG rating.
对Suncon的预测保持不变,FY24F和FY25F的胜任工作假设分别为RM45亿和RM40亿。 至于估值,公司保持其基于FY25F PER的22倍的RM4.71,这与大型建筑公司的估值相符。 该TP还包括一个5%的溢价,以反映4星ESG评级。
Kenanga said it likes SUNCON for: (i) strong job prospects of the sector as a whole with the roll-out of key public infrastructure projects, (ii) its strong earnings visibility underpinned by RM7.8b outstanding order book and recurring jobs from parent and sister companies, and (iii) its extensive capabilities and track record in building, infrastructure, solar, mechanical, electrical and plumbing works. MARKET PERFORM reaffirmed.
肯甘嘉表示,喜欢SUNCON的原因包括:(i)整个行业的强劲就业前景,关键公共基础设施项目的推出,(ii)其强大的收入可见度,得益于RM78亿的订单簿以及来自母公司和兄弟公司的重复工作,以及(iii)在建筑、制造行业、太阳能、机械、电气和管道工程中的广泛能力和业绩记录。市场表现再次获得肯定。
译文内容由第三方软件翻译。