[%xGgH%] 
Research by TA
BUY – TP RM6.15

" Awards RM416.8mn Sub-contract to JV Entity"

We reiterate our target price of RM6.15, based on a 26x CY25 EPS and 3% ESG premium given our 4-star rating. We continue to like the stock due to the following reasons:- (i) SUNCON’s strong position as a contender for mega infrastructure projects, namely MRT3, Johor ART and Penang LRT, (ii) strong earnings visibility on the back of a robust outstanding order book, and (iii) its leading position in securing more jobs in the thriving ATP industry. Maintain Buy call on the stock.  

Analyst:
Raymond Ng Ing Yeow 
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$KLSE-SUNCON 
Research by TA
BUY – TP RM6.15

" Awards RM416.8mn Sub-contract to JV Entity"

We reiterate our target price of RM6.15, based on a 26x CY25 EPS and 3% ESG premium given our 4-star rating. We continue to like the stock due to the following reasons:- (i) SUNCON’s strong position as a contender for mega infrastructure projects, namely MRT3, Johor ART and Penang LRT, (ii) strong earnings visibility on the back of a robust outstanding order book, and (iii) its leading position in securing more jobs in the thriving ATP industry. Maintain Buy call on the stock.  

Analyst:
Raymond Ng Ing Yeow 
raymondng@ta.com.my

$SUNCON / 5263 (SUNWAY CONSTRUCTION GROUP BERHAD)