$SUNCON / 5263 (SUNWAY CONSTRUCTION GROUP BERHAD)
Research by CGS
Add - TP RM5.46

"Stronger 2HF from high-margin DC projects"

■ 2Q24 results met expectations; we expect a stronger 2H24F as Sedenak DC project upsizing and finalisation of end-client happened in late-2Q24.
■ We still expect upsizing for existing DC projects in 3Q24F, which could beef up its current orderbook of RM7.4bn by RM1bn-2bn.
■ Reiterate Add and SOP-derived TP of RM5.46.

Analyst:
CHONG Tjen-San, CFA
tjen-san.chong@cgsi.com