[%kFCt%] 
Research by Kenanga
Market Perform - TP RM4.28

"Strong Prospects but Fairly Valued"

SUNCON’s 1HFY24 result met expectations with core profit rising 11% YoY to RM64.2m on higher revenue. 2HFY24 earnings are set to be stronger as data centre projects accelerate. Its prospects remain strong underpinned by a record order backlog and promising jobs prospects from both public and private projects. We maintain our forecasts and TP of RM4.28 but cut our call to MP as it is fairly valued at 20x FY25 PER after its recent solid share price performance.

Analyst:
Teh Kian Yeong 
[%pFLV%]

$KLSE-SUNCON 
Research by Kenanga
Market Perform - TP RM4.28

"Strong Prospects but Fairly Valued"

SUNCON’s 1HFY24 result met expectations with core profit rising 11% YoY to RM64.2m on higher revenue. 2HFY24 earnings are set to be stronger as data centre projects accelerate. Its prospects remain strong underpinned by a record order backlog and promising jobs prospects from both public and private projects. We maintain our forecasts and TP of RM4.28 but cut our call to MP as it is fairly valued at 20x FY25 PER after its recent solid share price performance.

Analyst:
Teh Kian Yeong 
tehky@kenanga.com.my

$SUNCON / 5263 (SUNWAY CONSTRUCTION GROUP BERHAD)