[%Amcd%] 
Research by PIB
Neutral – TP of MYR 0.55

“Expecting Stronger 2H24” 

Sunsuria Berhad’s (Sunsuria) 2Q net profit came in within our expectations at RM4.3m (-11.2% YoY, >100% QoQ) primarily driven by the construction progress for its on-going projects which include residential projects such as Tower A, C, D, and E of Bangsar Hill Park and Seni Residences at Sunsuria City, as well as industrial project of Sunsuria Kejora Business Park (Phase 1) at Puncak Alam, along with the integrated mixed development of Sunsuria Forum 2 at Setia Alam. 1H Group net profit of RM6m (+1.2% YoY) constituted about 37.2% of our full year estimates only but we expect 2HFY24 to be stronger. No change to our earnings estimates. Unbilled sales stood at RM896.7m as of 31 March 2024. All told, we maintain our Neutral call and TP of RM0.55, at c.0.5x to book value.

Analyst(s):
Tan Siang Hing
[%paqj%]

$KLSE-SUNSURIA 
Research by PIB
Neutral – TP of MYR 0.55

“Expecting Stronger 2H24” 

Sunsuria Berhad’s (Sunsuria) 2Q net profit came in within our expectations at RM4.3m (-11.2% YoY, >100% QoQ) primarily driven by the construction progress for its on-going projects which include residential projects such as Tower A, C, D, and E of Bangsar Hill Park and Seni Residences at Sunsuria City, as well as industrial project of Sunsuria Kejora Business Park (Phase 1) at Puncak Alam, along with the integrated mixed development of Sunsuria Forum 2 at Setia Alam. 1H Group net profit of RM6m (+1.2% YoY) constituted about 37.2% of our full year estimates only but we expect 2HFY24 to be stronger. No change to our earnings estimates. Unbilled sales stood at RM896.7m as of 31 March 2024. All told, we maintain our Neutral call and TP of RM0.55, at c.0.5x to book value.

Analyst(s):
Tan Siang Hing
research@publicinvestbank.com.my