Bursa Malaysia Stock Watch
Sunway Bhd: Upgrade to Buy - Selldown Overdone
kltrader
Publish date: Wed, 29 Aug 2012, 09:33 AM
kltrader
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- An overdone hammering. 1H12 results were below expectations. However, earnings should pick up in 2H on stronger work progress (construction) and investment properties performance. We lower our earnings forecasts by 2-6% p.a. but raise TP to MYR2.68 (+6sen; 40% discount to MYR4.46 RNAV).
- Sunway currently trades at 7.1x FY13PER and a 50% discount to RNAV. We believe the stock selldown brought about by slower property sales is overdone. Upgrade to BUY.
Source: Maybank Research - 29 August 2012
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