We raise our FV on Sunway to MYR3.33 (from MYR3.30) due to its new land acquisition in Penang. The land will be developed into a mix of commercial shops and high-rises worth a GDV of MYR1.5bn. Meanwhile, Sunway will likely hit MYR1.8bn in sales for FY13. Its sales target for next year will be at the same level, and we think this is achievable given its pipeline of projects. Maintain BUY.
Financial Exhibits
SWOT Analysis
Company Profile
Sunway is a well-known developer in the Klang Valley. Its flagship project – Bandar Sunway – is a well-established integrated township. The company has successfully transformed a mining land to a matured residential and commercial cluster.
Recommendation Chart
Source; RHB
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SUNWAYCreated by kiasutrader | Jun 14, 2016
Created by kiasutrader | May 05, 2016