$SUNCON / 5263 (SUNWAY CONSTRUCTION GROUP BERHAD)
Research by MIDF
Neutral - TP RM4.46

"A Brighter 2HFY24 in the Cards"

• Core earnings of RM38.9m in 2QFY24, an improvement of +17.8%yoy; 1HFY24 core earnings grew +20.0% to RM71.1m
• Construction revenue rose +11.6%yoy to RM597.6m; PBT grew +19.9%yoy to RM46.9m
• FY24 order book replenishment target raised from RM3.0b to RM4.0b-RM5.0b
• Maintain NEUTRAL with an upgraded TP of RM4.46

Analyst:
Royce Tan Seng Hooi
royce.tan@midf.com.my