[%wFjX%] 
Research by TA
Buy - TP RM6.15

"Stronger Earnings Expected in 2H24"

We maintain our Buy call on the stock with an unchanged TP of RM6.15, premise on 26x CY25 EPS and 3% ESG premium given our 4-star rating. We continue to like SUNCON due to:- (i) SUNCON’s strong position as a contender for mega infrastructure projects, namely MRT3, Johor ART and Penang LRT, (ii) strong earnings visibility on the back of a robust outstanding order book, and (iii) its leading position in securing more jobs in the thriving ATP industry.

Analyst:
Raymond Ng Ing Yeow 
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$KLSE-SUNCON 
Research by TA
Buy - TP RM6.15

"Stronger Earnings Expected in 2H24"

We maintain our Buy call on the stock with an unchanged TP of RM6.15, premise on 26x CY25 EPS and 3% ESG premium given our 4-star rating. We continue to like SUNCON due to:- (i) SUNCON’s strong position as a contender for mega infrastructure projects, namely MRT3, Johor ART and Penang LRT, (ii) strong earnings visibility on the back of a robust outstanding order book, and (iii) its leading position in securing more jobs in the thriving ATP industry.

Analyst:
Raymond Ng Ing Yeow 
raymondng@ta.com.my

$SUNCON / 5263 (SUNWAY CONSTRUCTION GROUP BERHAD)