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Results Notes – Sunway Bhd ( ADD, maintain) - A decent set of results, within expectations




Affin Hwang Investment Bank Bhd


10 Oct 2012





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1H12 core net profit grew by 7% yoy, within expectations Notwithstanding a weaker revenue of RM1,810.9m (-1.4% yoy), Sunway reported a stronger 1H12 core net profit of RM141.9m (+7.3% yoy) on the back of higher EBIT margins across all major business divisions: (i) property development EBIT increased by 38% yoy to RM45.9m on a higher EBIT margin of 13.2% (from 7.6%); (ii) property investment EBIT increased by 37% yoy to RM58.7m on a higher EBIT margin of 21.4% (from 19%); and (iii) construction EBIT doubled from RM11.9m to RM25m on a higher EBIT margin of 3.9% (from 1.8%). Sunway’s stronger 1H12 EBIT of RM164.6m (+52% yoy) was negated by lower core associates & JV earnings contributions from some of its overseas projects, ie. the Rihan Heights project peaked in 1H11. All in, the results are within our expectations, accounting for 47% of our full year forecast but slightly below market expectations at 42% of consensus full year forecast.

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