[%dSJn%]
Research by CGS
ADD – TP RM4.65

"Strong showing across all divisions”

■ 2Q24 results met expectations; strong 2H2HF to be driven by lumpy property recognition in Singapore and stronger construction earnings.
■ SHG’s 1H24 EBITDA up 34% yoy, looking at potential M&A opportunities.
■ Reiterate Add; we lower FY24-FY26F EPS but raise TP to RM4.65

Analyst:
CHONG Tjen-San, CFA
[%hyGh%]

$KLSE-SUNWAY
Research by CGS
ADD – TP RM4.65

"Strong showing across all divisions”

■ 2Q24 results met expectations; strong 2H2HF to be driven by lumpy property recognition in Singapore and stronger construction earnings.
■ SHG’s 1H24 EBITDA up 34% yoy, looking at potential M&A opportunities.
■ Reiterate Add; we lower FY24-FY26F EPS but raise TP to RM4.65

Analyst:
CHONG Tjen-San, CFA
tjen-san.chong@cgsi.com