Hwang-DBS has recommended a 'buy' call on Sunway and raised its target price on the stock to RM2.10, saying Sunway's first quarter 2010 results were above its expectations.
The research firm reaffirmed its view that Sunway was on track to deliver a record year.
'We raise our FY10-FY12 core earnings by 5-17 per cent to reflect stronger construction margins and new order wins.
'Besides new contracts, we think Sunway's record earnings in FY10 itself will be a re-rating catalyst,' the research firm said.