[%izqz%] Construction
Research by RHB
Buy – TP RM 5.50

"No Slowdown In Scouting For DC Jobs; Stay BUY”

Still BUY and MYR5.50 TP, 32% upside and c.3% FY25F yield. Post meeting, we remain upbeat on Sunway Construction’s prospects. We still view FY25F to be a supercharged year (earnings projected to grow at c.53%) – underpinned by higher recognition from a mix of data centre (DC) jobs coupled with potential DC wins with around 766.9MW of IT supply of DCs committed in Malaysia according to DC Byte. This translates to MYR29-34bn of estimated construction value based on the construction cost of USD8.5- 10m per MW in Malaysia based on Arizton

Analyst:
Adam Bin Mohamed Rahim
[%HKFj%]

$KLSE-SUNCON Construction
Research by RHB
Buy – TP RM 5.50

"No Slowdown In Scouting For DC Jobs; Stay BUY”

Still BUY and MYR5.50 TP, 32% upside and c.3% FY25F yield. Post meeting, we remain upbeat on Sunway Construction’s prospects. We still view FY25F to be a supercharged year (earnings projected to grow at c.53%) – underpinned by higher recognition from a mix of data centre (DC) jobs coupled with potential DC wins with around 766.9MW of IT supply of DCs committed in Malaysia according to DC Byte. This translates to MYR29-34bn of estimated construction value based on the construction cost of USD8.5- 10m per MW in Malaysia based on Arizton

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

$SUNCON / 5263 (SUNWAY CONSTRUCTION GROUP BERHAD)