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Research by Public
Trading Buy – TP RM0.55

"Strong Quarter”

Sunsuria Berhad (Sunsuria) reported 3Q net profit of RM9.0m (+32.1% YoY, >100% QoQ) which is ahead our expectations due to better than expected margins achieved. The Group’s performance improved ytd, with 9MFY24 net profit improved 17.7% YoY to RM14.9m or at about 92.5% of our full year estimates, primarily driven by the construction progress for its on-going projects which include residential projects such as Tower A, C, D, and E of Bangsar Hill Park and Seni Residences at Sunsuria City, as well as industrial project of Sunsuria Kejora Business Park (Phase 1) at Puncak Alam, along with the integrated mixed development of Sunsuria Forum 2 at Setia Alam. We change our FY24 upwards by 24% to account for higher margins. Unbilled sales now stood at RM1.02bn from RM896.7m a quarter ago. All told, given the price upside, we upgrade Sunsuria from Neutral to Trading Buy with TP unchanged at RM0.55, pegged at c.0.5x to book value.

Analyst:
Tan Siang Hing
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$KLSE-SUNSURIA
Research by Public
Trading Buy – TP RM0.55

"Strong Quarter”

Sunsuria Berhad (Sunsuria) reported 3Q net profit of RM9.0m (+32.1% YoY, >100% QoQ) which is ahead our expectations due to better than expected margins achieved. The Group’s performance improved ytd, with 9MFY24 net profit improved 17.7% YoY to RM14.9m or at about 92.5% of our full year estimates, primarily driven by the construction progress for its on-going projects which include residential projects such as Tower A, C, D, and E of Bangsar Hill Park and Seni Residences at Sunsuria City, as well as industrial project of Sunsuria Kejora Business Park (Phase 1) at Puncak Alam, along with the integrated mixed development of Sunsuria Forum 2 at Setia Alam. We change our FY24 upwards by 24% to account for higher margins. Unbilled sales now stood at RM1.02bn from RM896.7m a quarter ago. All told, given the price upside, we upgrade Sunsuria from Neutral to Trading Buy with TP unchanged at RM0.55, pegged at c.0.5x to book value.

Analyst:
Tan Siang Hing
research@publicinvestbank.com.my