[%jIxl%]
Research by HLIB
BUY  – TP RM4.51

"On track for a record year”

Sunway reported 2Q24 core PATAMI of RM175.1m (+2.8% QoQ; +29.9% YoY), which brought 1H24’s sum to RM345.4m (+25.1% YoY) – this was within expectations. The good results showing was supported by improvements across all segments, particularly in property development and healthcare. Maintain forecasts and BUY call with an unchanged TP of RM4.51 based on SOP-derived valuation. With the group’s widening exposure in the Malaysian economy, the stock provides a good proxy to the domestic economy which is currently entering a new phase of growth. Additionally Sunway’s recent inclusion to the MSCI Malaysia Index enhances the stock’s visibility among global investors, particularly institutional investors who track or benchmark against MSCI indices.

 Analyst:
Tan Kai Shuen, CFA
[%rkfB%]

$KLSE-SUNWAY
Research by HLIB
BUY  – TP RM4.51

"On track for a record year”

Sunway reported 2Q24 core PATAMI of RM175.1m (+2.8% QoQ; +29.9% YoY), which brought 1H24’s sum to RM345.4m (+25.1% YoY) – this was within expectations. The good results showing was supported by improvements across all segments, particularly in property development and healthcare. Maintain forecasts and BUY call with an unchanged TP of RM4.51 based on SOP-derived valuation. With the group’s widening exposure in the Malaysian economy, the stock provides a good proxy to the domestic economy which is currently entering a new phase of growth. Additionally Sunway’s recent inclusion to the MSCI Malaysia Index enhances the stock’s visibility among global investors, particularly institutional investors who track or benchmark against MSCI indices.

 Analyst:
Tan Kai Shuen, CFA
kstan@hlib.hongleong.com.my