Highlights

KLSE: SUNWAY (5211)

SUNWAY BHD

Last Price	Today's Change	Day's Range	Trading Volume
1.80	0.00 (0.00%)	1.79 - 1.80	172,900

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Financials

Market Cap: 8,881 Million

Market Cap	8,881 Million
NOSH	4,934 Million

Latest Audited Result: 31-Dec-2017

Latest Audited Result:	31-Dec-2017
Announcement Date	30-Apr-2018
Next Audited Result:	31-Dec-2018
Est. Ann. Date:	30-Apr-2019
Est. Ann. Due Date:	29-Jun-2019

Latest Quarter: 30-Sep-2019 [#3]

Latest Quarter:	30-Sep-2019 [#3]
Announcement Date	21-Nov-2019
Next Quarter:	31-Dec-2019
Est. Ann. Date:	28-Feb-2020
Est. Ann. Due Date:	29-Feb-2020
QoQ \| YoY	-25.59% \| 26.23%

Annual (Unaudited) ( EPS: 13.36, P/E: 13.48 )

Revenue \| NP to SH	5,410,283 \| 658,991
RPS \| P/RPS	109.65 Cent \| 1.64
EPS \| P/E \| EY	13.36 Cent \| 13.48 \| 7.42%
DPS \| DY \| Payout %	7.00 Cent \| 3.89% \| 52.44%
NAPS \| P/NAPS	1.69 \| 1.06
YoY	3.05%
NP Margin \| ROE	13.47% \| 7.89%
F.Y. \| Ann. Date	31-Dec-2018 \| 28-Feb-2019

T4Q Result ( EPS: 15.38, P/E: 11.71 )

Revenue \| NP to SH	4,797,481 \| 758,643
RPS \| P/RPS	97.23 Cent \| 1.85
EPS \| P/E \| EY	15.38 Cent \| 11.71 \| 8.54%
DPS \| DY \| Payout %	8.11 Cent \| 4.51% \| 52.71%
NAPS \| P/NAPS	1.68 \| 1.07
QoQ \| YoY	5.29% \| 16.63%
NP Margin \| ROE	17.21% \| 9.16%
F.Y. \| Ann. Date	30-Sep-2019 \| 21-Nov-2019

Annualized Result ( EPS: 15.30, P/E: 11.76 )

Revenue \| NP to SH	4,569,708 \| 755,094
RPS \| P/RPS	92.62 Cent \| 1.94
EPS \| P/E \| EY	15.30 Cent \| 11.76 \| 8.50%
DPS \| DY \| Payout %	-
NAPS \| P/NAPS	-
QoQ \| YoY	-1.40% \| 21.35%
NP Margin \| ROE	18.00% \| 9.12%
F.Y. \| Ann. Date	30-Sep-2019 \| 21-Nov-2019

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Date				Financial Result						Financial Ratio			Per Share Item									Performance		Valuation (End of Quarter)							Valuation (Ann. Date)
F.Y.	Ann. Date	Quarter	#	Revenue	PBT	NP	NP to SH	Div	Net Worth	Div Payout %	NP Margin	ROE	NOSH	RPS	Adj. RPS	EPS	Adj. EPS	DPS	Adj. DPS	NAPS	Adj. NAPS	QoQ	YoY	EOQ Date	EOQ Price	EOQ P/RPS	EOQ P/EPS	EOQ P/NAPS	EOQ EY	EOQ DY	ANN Date	ANN Price	ANN P/RPS	ANN P/EPS	ANN P/NAPS	ANN EY	ANN DY
31-Dec-2019	21-Nov-2019	30-Sep-2019	3	1,226,494	223,317	202,259	183,418	-	8,282,449	- %	16.49%	2.21%	4,872,029	25.17	24.86	3.43	3.72	0.00	0.00	1.7000	1.68	-25.59%	26.23%	30-Sep-2019	1.72	6.83	45.69	1.01	2.19%	0.00%	21-Nov-2019	1.77	7.03	47.02	1.04	2.13%	0.00%
31-Dec-2019	27-Aug-2019	30-Jun-2019	2	1,077,178	253,241	262,642	246,491	224,211	8,188,603	90.96%	24.38%	3.01%	4,874,169	22.10	21.83	4.72	5.00	4.60	4.54	1.6800	1.66	80.70%	23.59%	28-Jun-2019	1.68	7.60	33.22	1.00	3.01%	2.74%	27-Aug-2019	1.57	7.10	31.05	0.93	3.22%	2.93%
31-Dec-2019	21-May-2019	31-Mar-2019	1	1,123,609	177,266	151,946	136,412	-	8,049,318	- %	13.52%	1.69%	4,848,987	23.17	22.77	2.70	2.76	0.00	0.00	1.6600	1.63	-29.07%	11.88%	29-Mar-2019	1.68	7.25	59.72	1.01	1.67%	0.00%	21-May-2019	1.69	7.29	60.07	1.02	1.66%	0.00%
31-Dec-2018	28-Feb-2019	31-Dec-2018	4	1,370,200	253,583	208,858	192,322	175,699	8,348,157	91.36%	15.24%	2.30%	4,853,580	28.23	27.77	3.96	3.90	3.62	3.56	1.7200	1.69	32.35%	4.63%	31-Dec-2018	1.47	5.21	37.10	0.85	2.70%	2.46%	28-Feb-2019	1.62	5.74	40.88	0.94	2.45%	2.23%
31-Dec-2018	21-Nov-2018	30-Sep-2018	3	1,444,573	193,953	166,897	145,308	-	8,121,543	- %	11.55%	1.79%	4,863,200	29.70	29.28	2.99	2.95	0.00	0.00	1.6700	1.65	-27.14%	-3.68%	28-Sep-2018	1.51	5.08	50.54	0.90	1.98%	0.00%	21-Nov-2018	1.45	4.88	48.53	0.87	2.06%	0.00%
31-Dec-2018	21-Aug-2018	30-Jun-2018	2	1,287,062	242,219	215,766	199,438	170,491	8,037,461	85.49%	16.76%	2.48%	4,871,189	26.42	26.09	4.09	4.04	3.50	3.46	1.6500	1.63	63.58%	1.27%	29-Jun-2018	1.55	5.87	37.86	0.94	2.64%	2.26%	21-Aug-2018	1.56	5.90	38.10	0.95	2.62%	2.24%
31-Dec-2018	21-May-2018	31-Mar-2018	1	1,308,448	160,889	137,486	121,923	-	8,072,421	- %	10.51%	1.51%	4,892,377	26.74	26.52	2.49	2.47	0.00	0.00	1.6500	1.64	-33.67%	14.06%	30-Mar-2018	1.52	5.68	60.99	0.92	1.64%	0.00%	21-May-2018	1.51	5.65	60.59	0.92	1.65%	0.00%
31-Dec-2017	28-Feb-2018	31-Dec-2017	4	1,722,898	260,884	205,972	183,804	144,231	7,644,295	78.47%	11.95%	2.40%	4,807,733	35.84	34.92	3.82	3.73	3.00	2.92	1.5900	1.55	21.84%	-1.08%	29-Dec-2017	1.63	4.55	42.64	1.03	2.35%	1.84%	28-Feb-2018	1.65	4.60	43.16	1.04	2.32%	1.82%
31-Dec-2017	27-Nov-2017	30-Sep-2017	3	1,319,642	196,739	167,779	150,854	-	7,706,227	- %	12.71%	1.96%	2,044,092	64.56	26.75	7.38	3.06	0.00	0.00	3.7700	1.56	-23.40%	5.05%	29-Sep-2017	1.84	2.85	24.93	0.49	4.01%	0.00%	27-Nov-2017	1.64	2.54	22.22	0.44	4.50%	0.00%
31-Dec-2017	29-Aug-2017	30-Jun-2017	2	1,240,954	271,446	233,288	196,943	143,305	7,615,675	72.77%	18.80%	2.59%	2,047,224	60.62	25.15	9.62	3.99	7.00	2.90	3.7200	1.54	84.25%	27.59%	30-Jun-2017	3.92	6.47	40.75	1.05	2.45%	1.79%	29-Aug-2017	4.35	7.18	45.22	1.17	2.21%	1.61%
31-Dec-2017	29-May-2017	31-Mar-2017	1	1,088,754	151,597	124,377	106,890	-	6,073,846	- %	11.42%	1.76%	2,024,615	53.78	22.07	2.26	2.17	0.00	0.00	3.0000	1.23	-42.48%	4.69%	31-Mar-2017	3.25	6.04	61.56	1.08	1.62%	0.00%	29-May-2017	3.59	6.68	68.00	1.20	1.47%	0.00%
31-Dec-2016	28-Feb-2017	31-Dec-2016	4	1,293,405	270,592	224,628	185,815	62,628	3,172,361	33.70%	17.37%	5.86%	2,046,685	63.20	26.21	3.89	3.77	3.06	1.27	1.5500	0.64	29.39%	-13.44%	30-Dec-2016	3.03	4.79	33.37	1.95	3.00%	1.01%	28-Feb-2017	3.23	5.11	35.58	2.08	2.81%	0.95%
31-Dec-2016	25-Nov-2016	30-Sep-2016	3	1,137,493	208,545	170,837	143,605	-	7,364,358	- %	15.02%	1.95%	2,045,655	55.61	23.05	7.02	2.91	0.00	0.00	3.6000	1.49	-6.97%	7.72%	30-Sep-2016	3.10	5.58	44.16	0.86	2.26%	0.00%	25-Nov-2016	3.00	5.40	42.74	0.83	2.34%	0.00%
31-Dec-2016	29-Aug-2016	30-Jun-2016	2	1,155,688	203,780	179,900	154,362	98,696	6,987,742	63.94%	15.57%	2.21%	1,973,938	58.55	23.42	7.82	3.13	5.00	2.00	3.5400	1.42	51.19%	-35.12%	30-Jun-2016	3.00	5.12	38.36	0.85	2.61%	1.67%	29-Aug-2016	3.01	5.14	38.49	0.85	2.60%	1.66%
31-Dec-2016	27-May-2016	31-Mar-2016	1	1,069,006	176,075	143,233	102,101	-	6,347,785	- %	13.40%	1.61%	1,788,108	59.78	21.67	5.71	2.07	0.00	0.00	3.5500	1.29	-52.44%	-30.33%	31-Mar-2016	3.14	5.25	54.99	0.88	1.82%	0.00%	27-May-2016	3.03	5.07	53.06	0.85	1.88%	0.00%
31-Dec-2015	26-Feb-2016	31-Dec-2015	4	1,398,762	283,845	254,665	214,676	106,981	6,490,204	49.83%	18.21%	3.31%	1,783,023	78.45	28.35	12.04	4.35	6.00	2.17	3.6400	1.32	61.04%	-29.33%	31-Dec-2015	3.08	3.93	25.58	0.85	3.91%	1.95%	26-Feb-2016	3.01	3.84	25.00	0.83	4.00%	1.99%
31-Dec-2015	26-Nov-2015	30-Sep-2015	3	951,043	170,956	139,478	133,309	459,686	6,753,851	344.83%	14.67%	1.97%	1,768,023	53.79	19.28	7.54	2.70	26.00	9.32	3.8200	1.37	-43.97%	-7.23%	30-Sep-2015	3.15	5.86	41.78	0.82	2.39%	8.25%	26-Nov-2015	3.06	5.69	40.58	0.80	2.46%	8.50%
31-Dec-2015	27-Aug-2015	30-Jun-2015	2	1,041,520	280,923	247,846	237,908	87,853	6,237,617	36.93%	23.80%	3.81%	1,757,075	59.28	21.11	13.54	4.82	5.00	1.78	3.5500	1.26	62.35%	30.34%	30-Jun-2015	3.44	5.80	25.41	0.97	3.94%	1.45%	27-Aug-2015	3.40	5.74	25.11	0.96	3.98%	1.47%
31-Dec-2015	26-May-2015	31-Mar-2015	1	1,060,001	193,495	157,418	146,540	-	6,104,388	- %	14.85%	2.40%	1,734,201	61.12	21.48	8.45	2.97	0.00	0.00	3.5200	1.24	-51.76%	40.92%	31-Mar-2015	3.65	5.97	43.20	1.04	2.32%	0.00%	26-May-2015	3.52	5.76	41.66	1.00	2.40%	0.00%
31-Dec-2014	25-Feb-2015	31-Dec-2014	4	1,193,785	399,228	347,768	303,792	103,652	5,942,732	34.12%	29.13%	5.11%	1,727,538	69.10	24.20	17.58	6.16	6.00	2.10	3.4400	1.20	111.41%	-73.08%	31-Dec-2014	3.29	4.76	18.71	0.96	5.35%	1.82%	25-Feb-2015	3.32	4.80	18.88	0.97	5.30%	1.81%
31-Dec-2014	18-Nov-2014	30-Sep-2014	3	1,134,007	185,242	163,409	143,698	-	5,651,431	- %	14.41%	2.54%	1,722,997	65.82	22.98	8.34	2.91	0.00	0.00	3.2800	1.15	-21.27%	54.27%	30-Sep-2014	3.44	5.23	41.25	1.05	2.42%	0.00%	18-Nov-2014	3.23	4.91	38.73	0.98	2.58%	0.00%
31-Dec-2014	28-Aug-2014	30-Jun-2014	2	1,204,621	233,572	188,715	182,531	86,180	5,532,809	47.21%	15.67%	3.30%	1,723,616	69.89	24.42	10.59	3.70	5.00	1.75	3.2100	1.12	75.53%	7.15%	30-Jun-2014	3.04	4.35	28.71	0.95	3.48%	1.64%	28-Aug-2014	3.13	4.48	29.56	0.98	3.38%	1.60%
31-Dec-2014	29-May-2014	31-Mar-2014	1	1,025,728	142,200	111,757	103,990	-	5,432,313	- %	10.90%	1.91%	1,724,543	59.48	20.79	6.03	2.11	0.00	0.00	3.1500	1.10	-90.79%	14.84%	31-Mar-2014	3.03	5.09	50.25	0.96	1.99%	0.00%	29-May-2014	3.19	5.36	52.90	1.01	1.89%	0.00%
31-Dec-2013	27-Feb-2014	31-Dec-2013	4	1,329,929	1,254,216	1,192,575	1,128,648	86,177	5,343,016	7.64%	89.67%	21.12%	1,723,553	77.16	26.95	65.49	22.88	5.00	1.75	3.1000	1.08	1,111.71%	670.11%	31-Dec-2013	2.72	3.53	4.15	0.88	24.07%	1.84%	27-Feb-2014	2.86	3.71	4.37	0.92	22.90%	1.75%
31-Dec-2013	29-Nov-2013	30-Sep-2013	3	1,006,145	118,195	101,597	93,145	-	4,328,597	- %	10.10%	2.15%	1,603,184	62.76	20.39	5.81	1.89	0.00	0.00	2.7000	0.88	-45.32%	-1.20%	30-Sep-2013	3.21	5.11	55.25	1.19	1.81%	0.00%	29-Nov-2013	2.65	4.22	45.61	0.98	2.19%	0.00%
31-Dec-2013	29-Aug-2013	30-Jun-2013	2	1,118,043	212,509	180,052	170,345	64,622	3,748,107	37.94%	16.10%	4.54%	1,292,450	86.51	22.66	13.18	3.45	5.00	1.31	2.9000	0.76	88.11%	10.37%	28-Jun-2013	3.54	4.09	26.86	1.22	3.72%	1.41%	29-Aug-2013	2.75	3.18	20.86	0.95	4.79%	1.82%
31-Dec-2013	30-May-2013	31-Mar-2013	1	1,021,032	122,521	96,179	90,555	-	3,642,868	- %	9.42%	2.49%	1,291,797	79.04	20.69	7.01	1.84	0.00	0.00	2.8200	0.74	-38.21%	40.51%	29-Mar-2013	2.97	3.76	42.37	1.05	2.36%	0.00%	30-May-2013	3.88	4.91	55.35	1.38	1.81%	0.00%
31-Dec-2012	28-Feb-2013	31-Dec-2012	4	1,241,768	212,096	167,948	146,557	77,533	2,584,443	52.90%	13.52%	5.67%	1,292,221	96.10	25.17	9.95	2.97	6.00	1.57	2.0000	0.52	55.46%	18.40%	31-Dec-2012	2.38	2.48	20.98	1.19	4.77%	2.52%	28-Feb-2013	2.49	2.59	21.95	1.25	4.55%	2.41%
31-Dec-2012	28-Nov-2012	30-Sep-2012	3	866,979	142,413	110,014	94,273	-	3,323,478	- %	12.69%	2.84%	1,293,182	67.04	17.57	7.29	1.91	0.00	0.00	2.5700	0.67	-38.92%	36.19%	28-Sep-2012	2.30	3.43	31.55	0.89	3.17%	0.00%	28-Nov-2012	2.30	3.43	31.55	0.89	3.17%	0.00%
31-Dec-2012	28-Aug-2012	30-Jun-2012	2	996,089	193,147	162,813	154,335	-	3,244,395	- %	16.35%	4.76%	1,292,587	77.06	20.19	11.94	3.13	0.00	0.00	2.5100	0.66	139.48%	42.36%	29-Jun-2012	2.30	2.98	19.26	0.92	5.19%	0.00%	28-Aug-2012	2.25	2.92	18.84	0.90	5.31%	0.00%
31-Dec-2012	29-May-2012	31-Mar-2012	1	814,765	84,899	66,398	64,447	-	3,073,825	- %	8.15%	2.10%	1,291,523	63.09	16.51	4.99	1.31	0.00	0.00	2.3800	0.62	-47.94%	-5.63%	30-Mar-2012	2.63	4.17	52.71	1.11	1.90%	0.00%	29-May-2012	2.29	3.63	45.89	0.96	2.18%	0.00%
31-Dec-2011	29-Feb-2012	31-Dec-2011	4	968,606	190,084	130,961	123,786	-	2,984,818	- %	13.52%	4.15%	1,292,129	74.96	19.63	9.58	2.51	0.00	0.00	2.3100	0.61	78.82%	383.37%	30-Dec-2011	2.55	3.40	26.62	1.10	3.76%	0.00%	29-Feb-2012	2.61	3.48	27.24	1.13	3.67%	0.00%
31-Dec-2011	24-Nov-2011	30-Sep-2011	3	934,031	90,736	72,013	69,224	-	2,815,453	- %	7.71%	2.46%	1,291,492	72.32	18.93	5.36	1.40	0.00	0.00	2.1800	0.57	-36.15%	42.75%	30-Sep-2011	1.89	2.61	35.26	0.87	2.84%	0.00%	24-Nov-2011	2.22	3.07	41.42	1.02	2.41%	0.00%
31-Dec-2011	25-Aug-2011	30-Jun-2011	2	1,002,565	147,007	116,317	108,415	-	2,791,137	- %	11.60%	3.88%	1,292,193	77.59	20.32	8.39	2.20	0.00	0.00	2.1600	0.57	58.76%	123.02%	19-Jan-2011	2.33	3.00	27.77	1.08	3.60%	0.00%	25-Aug-2011	2.29	2.95	27.29	1.06	3.66%	0.00%
31-Dec-2011	16-Aug-2011	31-Mar-2011	1	833,711	79,219	88,921	68,289	-	2,677,239	- %	10.67%	2.55%	1,293,352	64.46	16.90	5.28	1.38	0.00	0.00	2.0700	0.54	166.66%	71.18%	19-Jan-2011	2.33	3.61	44.13	1.13	2.27%	0.00%	19-Jan-2011	2.33	3.61	44.13	1.13	2.27%	0.00%
31-Dec-2010	28-Feb-2011	31-Dec-2010	4	496,712	37,344	26,805	25,609	-	905,896	- %	5.40%	2.83%	580,702	85.54	10.07	4.41	0.52	0.00	0.00	1.5600	0.18	-47.19%	6.35%	30-Dec-2010	2.24	2.62	50.79	1.44	1.97%	0.00%	19-Jan-2011	2.33	2.72	52.83	1.49	1.89%	0.00%
31-Dec-2010	24-Nov-2010	30-Sep-2010	3	489,015	61,039	51,640	48,494	-	860,191	- %	10.56%	5.64%	577,309	84.71	9.91	8.40	0.98	0.00	0.00	1.4900	0.17	-0.24%	169.37%	30-Sep-2010	1.93	2.28	22.98	1.30	4.35%	0.00%	22-Nov-2010	2.25	2.66	26.79	1.51	3.73%	0.00%
31-Dec-2010	24-Aug-2010	30-Jun-2010	2	509,170	59,231	52,964	48,612	-	814,048	- %	10.40%	5.97%	577,339	88.19	10.32	8.42	0.99	0.00	0.00	1.4100	0.17	21.86%	164.08%	30-Jun-2010	1.50	1.70	17.81	1.06	5.61%	0.00%	24-Aug-2010	1.64	1.86	19.48	1.16	5.13%	0.00%
31-Dec-2010	25-May-2010	31-Mar-2010	1	501,680	50,357	41,103	39,893	-	760,964	- %	8.19%	5.24%	576,488	87.02	10.17	6.92	0.81	0.00	0.00	1.3200	0.15	65.66%	157.37%	31-Mar-2010	1.49	1.71	21.53	1.13	4.64%	0.00%	25-May-2010	1.31	1.51	18.93	0.99	5.28%	0.00%
31-Dec-2009	24-Feb-2010	31-Dec-2009	4	501,566	36,702	27,240	24,081	12,962	737,408	53.83%	5.43%	3.27%	576,100	87.06	10.17	4.18	0.49	2.25	0.26	1.2800	0.15	33.76%	- %	31-Dec-2009	1.27	0.00	0.00	0.99	0.00%	0.00%	24-Feb-2010	1.40	0.00	0.00	1.09	0.00%	0.00%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.

NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ Δ & YoY Δ figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.

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martinbartesque Sunway - Healthcare Gaining Traction

Author: HLInvest | Publish date: Thu, 10 Oct 2019, 8:44 AM

Sunway Medical Centre Velocity, the latest addition to Sunway’s healthcare arm started operations on 3 Sep 2019, receiving over 1,000 patients since then. The hospital has a capacity of 240 beds and 77 specialist clinics once fully operational by end-2020. Meanwhile, Sunway Medical Centre (located in Bandar Sunway) is currently undergoing its Phase 4 expansion (targeted to complete by 2022), which will house additional specialist clinics, an assisted living centre and additional hospital beds. We maintain our forecast and BUY rating with an unchanged TP of RM2.17 based on a 10% holding discount from SOP-derived valuation of RM2.41.

We took a group of fund managers/analysts to visit the Sunway Medical Centre Velocity (SMCV). The MD of healthcare unit, CEO of Velocity Hospital and management team took us round the various units. We came out feeling positive about its prospects. Here are the key takeaways.

SMCV. The hospital did its soft launch on 3 Sept and is located in a 10-storey building next to the Sunway Velocity Mall and Hotel. The hospital has a capacity of 240 beds and 77 specialist clinics once fully operational by end-2020. As a start, it currently operates on 120 beds with 45 clinics and since its soft launch, it has received over 1,000 patients. Interestingly, the first baby delivered on the maternity ward was a Chinese national, anecdotally indicating its attractiveness to foreigners. The hospital runs an e-Medical Report system whereby data of patients are all digitalized, allowing for more efficient data processing and reducing the waiting time before and during consultations. The hospital has attracted doctors with an equal mix from both the private and government sectors.

Sunway Medical Centre (SMC). Located in Bandar Sunway, Sunway’s flagship hospital is currently undergoing its Phase 4 expansion (targeted to complete by 2022), which will house additional specialist clinics, an assisted living centre and additional hospital beds. SMC is also migrating its data system to e-Medical Report from its conventional physical report cards.

Cheaper entry to the healthcare sector via Sunway Berhad (trading at forward P/E of 12x) as compared to IHH (37x) and KPJ (19x). With the listing of the healthcare business potentially on the cards, Sunway’s healthcare business is estimated to fetch a valuation of c.RM1.5bn (based on FY18 net profit and a price multiple of 25x), with further upside as expansion of the business is ongoing.

Forecast. Unchanged as the meeting yielded no major surprises.

Maintain BUY with an unchanged TP of RM2.17 based on a 10% holding discount from SOP-derived valuation of RM2.41. Sunway remains our top pick given its well integrated property and construction development. Its hidden gem, the healthcare business (with 4 new hospitals coming on stream over the next three years) has yet to be appreciated as it is embedded within the parent-co. These coupled with the resilient earnings from mature investment properties alongside its growing building materials business and quarry operations justifies for the re-rating of the stock.

Source: Hong Leong Investment Bank Research - 10 Oct 2019

11/10/2019 9:02 AM

martinbartesque https://www.enanyang.my/news/20191010/%E3%80%90%E8%A7%86%E9%A2%91%E3%80%91%E5%8F%8C%E5%A8%81-%E5%8C%BB%E7%96%97%E4%B8%9A%E5%8A%A1%E6%88%96%E7%8B%AC%E7%AB%8B%E4%B8%8A%E5%B8%82/

双威（SUNWAY，5211，主板工业股）最新的蕉赖双威伟乐医疗中心，在上月3日非正式推介，至今接收了超过1000名病患；在明年杪全面运作后，该医院会完全开放240张床位和77间专科诊所。

另外，双威医疗中心正进行第四期扩建，放眼2022年竣工，届时将增添额外专科诊所、床位和一所生活辅助中心。

行家建议

我们先前拜访了双威伟乐医疗中心，对该医院的前景感到有信心。

我们视双威为投资医疗领域的最廉宜途径，目前股价以本益比是12倍，远低于IHH医疗保健集团（IHH，5225，主板保健股）的37倍，及柔佛医药保健（KPJ，5878，主板保健股）的19倍。

目前，双威医疗业务仍有可能独立上市，预计估值约可达15亿令吉，相当于2018财年本益比的25倍，且还有上升空间，因为扩展计划正如火如荼。

不过，由于此次会面没有重大惊喜，因此我们维持财测不变。

我们保持“买入”评级和2.17令吉目标价，相当于加总估值法（SOP）得出的2.41令吉再折价10%。

此外，鉴于双威良好的整合产业发展与建筑业务，该公司仍是我们的首选股，且未被发掘的医疗业务，尚未获得投资者赏识。

11/10/2019 9:05 AM

martinbartesque Assuming the listing of healthcare becomes true, and share price of Sunway is increased from 1.69 to 2.00 where WB maintains premium of 26%, WB will be worth RM0.80 based on calculation.

Decide on your own whether it is worth to buy & keep WB :)

11/10/2019 9:18 AM

martinbartesque Listing of healthcare has been delayed, not in 2019? Probably it is no longer in 2019 as now is almost end of 2019. Would it probably be in 2020? I believe so. Do your own judgement.

https://www.thestar.com.my/business/business-news/2017/06/15/sunway-set-to-list-healthcare-arm-in-2019

11/10/2019 10:07 AM

mcmann at this moment the WB is more bullish than mum

15/10/2019 10:42 AM

martinbartesque seems someone is colleting WB today. Good sign.

15/10/2019 4:04 PM

RainT Listing the healthcare unit of SUNWAY

then we as SUNWAY shareholders what we will get?

free shares of the SUNWAY healthcare unit ?

17/10/2019 7:06 PM

necro Yup... Dividend in specie... Most likely 1 Sunway Healthcare for 1 Sunway...

18/10/2019 5:38 PM

mcmann suncon move but sunway not move

21/10/2019 3:41 PM

RainT @necro

thanks for information

21/10/2019 9:18 PM

kkwn1718 May I know how was the performance of Sunway in past two weeks?

22/10/2019 8:45 PM

RainT same as usual

sleeping in the same range

SUNWAY pattern is like that

as most of the shares in control by major funds and shareholders

30/10/2019 8:26 PM

Mabel 01/11/2019 1.70 1.78 +0.08 (4.71%) HOLD TA
01/11/2019 1.70 2.17 +0.47 (27.65%) BUY HLG
29/10/2019 1.69 1.78 +0.09 (5.33%) HOLD TA
29/10/2019 1.69 1.99 +0.30 (17.75%) BUY AmInvest
23/10/2019 1.69 2.17 +0.48 (28.40%) BUY HLG
17/10/2019 1.69 2.17 +0.48 (28.40%) BUY HLG
10/10/2019 1.69 2.17 +0.48 (28.40%) BUY HLG
09/10/2019 1.68 1.78 +0.10 (5.95%) HOLD TA
23/09/2019 1.68 1.78 +0.10 (5.95%) HOLD TA
23/09/2019 1.68 1.99 +0.31 (18.45%) BUY AmInvest

Lovely price target...

Managed to accumulate more...

Thanks for selling...

See you all at RM 3...

Cheers!

04/11/2019 10:01 AM

TCH wow, 1.77 now....what happen? any news?

06/11/2019 10:51 AM

junetan11 wakeup

06/11/2019 10:57 AM

junetan11 will shoot to 2?

06/11/2019 11:03 AM

Red Dragon Any news, can share?

06/11/2019 11:06 AM

M2 Finally. Huat ar..!!

06/11/2019 11:12 AM

necro what happen?...already break resistant RM1.74...

Sunway Healthcare IPO on the pipeline?
Superb quarter result on 21/11/2019?
Another M&A on the way?
or SUNREIT good result?

06/11/2019 11:13 AM

junetan11 SUNREIT good result!

06/11/2019 11:15 AM

sharevirgin Congratulations!

06/11/2019 11:20 AM

mcmann hosehliao go sunway go

06/11/2019 2:00 PM

Pang Good qtrly result?

06/11/2019 2:05 PM

KaahHeng what happen? why up so much?

06/11/2019 6:43 PM

Kendo Ken Hz 3 coming, cheah buying

06/11/2019 7:57 PM

RainT @mabel

Rm3 ????

Don’t expect too much
Will disappointment more

07/11/2019 12:09 AM

RainT Hope is not 1 day show la

07/11/2019 12:09 AM

toypoodle Waiting at 1.60 again hahaha

10/11/2019 10:04 PM

mcmann big block again

11/11/2019 4:46 PM

sharevirgin nice closing!

11/11/2019 5:23 PM

toypoodle Be patience at 1.60 hahaha

12/11/2019 10:56 AM

toypoodle Coming baby 1.6 hahaha

19/11/2019 11:07 AM

Marihome Good result

21/11/2019 6:54 PM

mcmann hard to say tomorrow will up or not recently many post good qr the next thing is drop hmmm

21/11/2019 7:39 PM

onward Very steady stock. With this colorful result still no up

22/11/2019 3:13 PM

RainT that is KLSE pattern

good result but share price no go up or stagnant instead

22/11/2019 3:18 PM

zakaria444 Sunway Bhd’s (Sunway) net profit in the third-quarter (Q3) ended September 30, 2019, rose 26.57 per cent to RM183.42 million from RM144.92 million recorded a year ago.

22/11/2019 3:26 PM

prince4 US-CHINA Trade War market uncertain, local and foreign funds money would not flow in big cap and mid cap stock because everybody scare buy high losses money . In this few month expect Funds manager money would flow out in big cap and midcap stocks and will short selling mid cap stocks for make money so now no prospects cannot buy and hold .
http://www.bursamalaysia.com/misc/system/assets/28273/Directive-on-the-List-of-Approved-Securities-(with-effective-from-29Nov2019).pdf
TOP volume all low prices stocks.This is a opportunity ,markets money now flows in cheaper stocks. sharks now start goreng lows price stock at bottom..

29/11/2019 3:40 PM

EngineeringProfit Strong

29/11/2019 8:42 PM

93126668 https://www.theedgemarkets.com/article/higher-fy20-earnings-expected-sunway

06/12/2019 4:47 PM

James Ng https://klse.i3investor.com/blogs/general/248509.jsp
[转贴] [SUNWAY BHD：收入较低是由于房地产开发，建筑，贸易和制造业等部门的贡献减少] - James的股票投资James Share Investing

17/12/2019 9:38 AM

Pang EPF keep buying

18/12/2019 10:27 AM

ubaL taM Sun eclipse

26/12/2019 12:38 PM

KiasiPu RM2 soon

06/01/2020 3:41 PM

wind_00 Sunway gogogo!

06/01/2020 5:10 PM

necro Gogogogo RM2.00 End Of January 2020

07/01/2020 10:16 AM

RainT slow & steady uptrend

07/01/2020 4:20 PM

thesteward This is one good company under good management

07/01/2020 10:13 PM

MirageHotelPD 引进伙伴　安排上市　双威释放医疗业务价值 | https://www.klsescreener.com/v2/news/view/615600

09/01/2020 10:59 AM

ycbang Buy TP Rm2. 50

21/01/2020 7:21 AM