[%CUnT%] 
Research by RHB
Buy - TP RM5.50

"Continues Exhibiting YoY Strength; Still BUY"

Still BUY, new MYR5.50 TP from MYR6.29, 30% upside and c.3% FY25F yield. 1H24 core earnings of MYR64m (+10% YoY) missed our and Street’s estimates at 36% and 35% of full-year projections. The negative deviation was mainly due to lower-than-expected progress billings of certain projects (our earlier projections were too optimistic). While we expect FY24 to see a decline in earnings, we view FY25 to be a supercharged year (earnings projected to grow at c.53%), underpinned by stronger recognition from a mix of data centre (DC) jobs.

Analyst:
Adam Bin Mohamed Rahim 
[%cCsk%]

$KLSE-SUNCON 
Research by RHB
Buy - TP RM5.50

"Continues Exhibiting YoY Strength; Still BUY"

Still BUY, new MYR5.50 TP from MYR6.29, 30% upside and c.3% FY25F yield. 1H24 core earnings of MYR64m (+10% YoY) missed our and Street’s estimates at 36% and 35% of full-year projections. The negative deviation was mainly due to lower-than-expected progress billings of certain projects (our earlier projections were too optimistic). While we expect FY24 to see a decline in earnings, we view FY25 to be a supercharged year (earnings projected to grow at c.53%), underpinned by stronger recognition from a mix of data centre (DC) jobs.

Analyst:
Adam Bin Mohamed Rahim 
adam.mohamed.rahim@rhbgroup.com

$SUNCON / 5263 (SUNWAY CONSTRUCTION GROUP BERHAD)