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Results Note – Sunway (ADD, maintain) - A good set of results




Affin Hwang Investment Bank Bhd


28 Feb 2013





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A good set of results FY12 core net profit grew by 7% to RM351m, above expectations Sunway’s FY12 core net profit grew by 7% to RM350.6m on the back of a higher core PBT of RM527.8m (+18% yoy), partly offset by higher minority interest. Sunway’s strong FY12 core PBT was mainly driven by higher contribution from the property development segment (+39% to RM310.6m) on strong new property sales, higher progress billings from local projects as well as higher associates/JCE contributions from its Singapore projects. The group’s core net profit was inline with market expectations but 16% ahead of our forecast due to the stronger-than-expected property sales and profit contributions. Sunway has declared a single tier interim dividend of 6 sen for FY12 (no dividend in 2011

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