Positive Growth For SunCon Despite Mixed Views From Research Houses
Positive Growth For SunCon Despite Mixed Views From Research Houses
However, the precast segment was underperformed, with revenue plunging 59.6% YoY to RM33.5 million and profit before tax declining 69.2% YoY to RM2 million. MIDF Research viewed the results as within expectations and maintained a Neutral outlook, noting that SunCon's current valuation reflects its strong performance.
Sunway Construction Group Bhd (SunCon) has received contrasting recommendations from analysts, with MIDF Amanah Investment Bank (MIDF Research) maintaining a NEUTRAL stance with a target price of RM4.46 while RHB Research reiterated a BUY call with a higher target price of RM5.50, citing a 24% upside.
Sunway Construction Group Bhd（SunCon）收到了分析師截然不同的推薦意見，MIDF Amanah 投資銀行（MIDF 研究）維持中立立場，目標價爲RM4.46，而RHb 研究則重申買入觀點，目標價爲RM5.50，預計上漲24%。
Both reports highlighted the group's robust performance in 3QFY24 and its promising outlook, which was driven by ongoing data centre (DC) projects.
兩份報告都強調了集團在第三季度財政年度24（3QFY24）的強勁表現和前景看好，這是由正在進行的數據中心（DC）項目推動的。
MIDF Research reported that SunCon achieved a core net profit of RM44.1 million in 3QFY24, marking a 26.7% year-on-year (YoY) growth. This brought its 9MFY24 core earnings to RM115.2 million, an increase of 22.4% YoY, driven by stronger progress billings in its construction segment.
MIDF研究報告稱，SunCon在第三季度財政年度24（3QFY24）實現了4410萬令吉的核心淨利潤，同比增長26.7%。這使其前9個月的核心收益達到了11520萬令吉，同比增長了22.4%，主要受益於施工業務方面的進展款增加。
However, the precast segment was underperformed, with revenue plunging 59.6% YoY to RM33.5 million and profit before tax declining 69.2% YoY to RM2 million. MIDF Research viewed the results as within expectations and maintained a Neutral outlook, noting that SunCon's current valuation reflects its strong performance.
然而，預製板塊表現不佳，收入同比下降了59.6%至3350萬令吉，稅前利潤同比下降了69.2%至200萬令吉。MIDF研究認爲這一結果符合預期，並維持中立觀點，指出SunCon目前的估值反映了其強勁表現。
RHB Research, in contrast, emphasised SunCon's ability to capitalise on DC projects, which now account for 54.5% of its RM7.1 billion outstanding order book. The group has already secured RM4 billion in new jobs this year, with ongoing tenders worth RM10.6 billion.
相比之下，RHb研究強調了SunCon利用DC項目的能力，這些項目現在佔其71億令吉的未完成訂單中的54.5%。集團已經在今年獲得了40億令吉的新項目，同時正在進行的標書價值爲106億令吉。
RHB Research remains optimistic about SunCon's earnings trajectory, forecasting a 53% growth in FY25, underpinned by accelerated progress in DC jobs like the RM1.7 billion JHB1X0 project in Johor.
RHb研究對SunCon的盈利前景持樂觀態度，預計在FY25將有53%的增長，加速DC項目的進展，例如在柔佛進行的17億令吉JHB1X0項目。
SunCon's trading valuation at 23 times FY25 price-to-earnings ratio, a premium compared to the Bursa Malaysia Construction Index's 10-year mean of 13 times, is justified according to RHB Research.
根據RHb研究，SunCon的交易估值達到FY25市盈率23倍，與馬來西亞交易所建築指數10年均值的13倍相比屬於溢價。
This is attributed to its superior return on equity and a robust pipeline of high-margin industrial jobs. RHB Research also highlighted the potential upside of securing semiconductor-related contracts and infrastructure projects such as the Penang International Airport expansion.
這歸功於其較高的股本回報率和一系列利潤豐厚的工業作業訂單。RHb研究還強調了確保與半導體相關合同和基礎設施項目（如檳城國際機場擴建項目）潛在增長空間。
Looking ahead, SunCon is well-positioned to benefit from long-term opportunities tied to the Johor-Singapore Special Economic Zone, as well as the broader growth of its parent company, Sunway Bhd. Risks to its outlook include project delays and volatility in material costs.
展望未來，SunCon在長期機會方面處於有利位置，與柔佛-新加坡特別經濟區相關的機會，以及母公司雙威控股的整體增長。其前景面臨的風險包括項目延遲和原材料成本的波動。
With a steady order book, DC expertise and promising growth in the industrial sector, SunCon remains a notable player in Malaysia's construction industry, albeit with differing levels of enthusiasm from analysts.
憑藉穩定的訂單簿、紮實的DC專業知識和工業行業的有望增長，SunCon仍然是馬來西亞建築行業中一名值得注意的參與者，雖然分析師對其的熱情程度有所不同。
譯文內容由第三人軟體翻譯。
