[%MGQu%]
Research by RHB
Buy – TP RM 5.00

"Parc Central In Singapore To Drive 3Q24 Earnings”

Sunway’s 2Q24 results are in line. In 3Q24, we expect it to book robust earnings – driven by the handover of Parc Central Residences in Singapore, whereby a total of MYR123m in progressive profits will be recognised. Its 1H24 new sales of MYR1.27bn also puts it on track to meet its FY24 target of MYR2.6bn. Investors should continue to accumulate shares, premised on the group’s strategic exposure in Iskandar Malaysia, as well as the upcoming listing of Sunway Healthcare Group. 

 Analyst:
Loong Kok Wen, CFA
[%ffdC%]

$KLSE-SUNWAY
Research by RHB
Buy – TP RM 5.00

"Parc Central In Singapore To Drive 3Q24 Earnings”

Sunway’s 2Q24 results are in line. In 3Q24, we expect it to book robust earnings – driven by the handover of Parc Central Residences in Singapore, whereby a total of MYR123m in progressive profits will be recognised. Its 1H24 new sales of MYR1.27bn also puts it on track to meet its FY24 target of MYR2.6bn. Investors should continue to accumulate shares, premised on the group’s strategic exposure in Iskandar Malaysia, as well as the upcoming listing of Sunway Healthcare Group. 

 Analyst:
Loong Kok Wen, CFA
loong.kok.wen@rhbgroup.com