Sunway Construction Group Bhd

• Share price closed 2.07% higher at RM1.97 on Thursday.

• SUNCON has been on a steady uptrend, reaching its 52-week peak of RM1.99 yesterday beforeclosing at current level. It broke out from its resistance threshold at RM1.95 with spike of buying momentum. Coupled with bullish MACD crossover, share price is expected to move higher.

• Bullish momentum should lift it towards the subsequent resistance level of RM2.00 (R1).

• Towards the downside, stop-loss is set at RM1.81 (S2), below the 13 Sept’s low.

• Fundamentally, SUNCON has successfully secured two contracts worth RM487m in total, RM297.7m(with a 50% share via SCGB-Kajima (Malaysia) JV) from Daiso Malaysia for a global distribution centre warehouse in Pulau Indah, Selangor and a RM190m job from K2 Strategic Infrastructure Malaysia for a data centre in Johor.

Source: Rakuten Research - 13 Oct 2023

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