[%BAFU%] 
Research by Maybank
Sell - TP RM3.70

"2Q24: In-line"

SCGB’s 2Q24 core net profit (CNP) of MYR39m (+18% YoY, +20% QoQ), which lifted 1H24 CNP to MYR71m (+17% YoY) was in-line - the latter at 46% of our FY24E (39% of consensus). We raise FY24-26E CNP forecasts by 10%/34%/56% as we raise our job win assumptions. Our TP is uplifted to MYR3.70 (from MYR2.30) based on revised 21x PER (updated +0.5SD of mean) on rolled forward FY25E earnings. We continue to like SCGB for its strong execution capability, but valuation is pricey at 24x FY25E PER; SELL.

Analyst:
Wong Chew Hann
[%MKIT%]

$KLSE-SUNCON 
Research by Maybank
Sell - TP RM3.70

"2Q24: In-line"

SCGB’s 2Q24 core net profit (CNP) of MYR39m (+18% YoY, +20% QoQ), which lifted 1H24 CNP to MYR71m (+17% YoY) was in-line - the latter at 46% of our FY24E (39% of consensus). We raise FY24-26E CNP forecasts by 10%/34%/56% as we raise our job win assumptions. Our TP is uplifted to MYR3.70 (from MYR2.30) based on revised 21x PER (updated +0.5SD of mean) on rolled forward FY25E earnings. We continue to like SCGB for its strong execution capability, but valuation is pricey at 24x FY25E PER; SELL.

Analyst:
Wong Chew Hann
wchewh@maybank-ib.com

$SUNCON / 5263 (SUNWAY CONSTRUCTION GROUP BERHAD)