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Results Note – Sunway (BUY, maintain) - Solid 1Q13 net profit, maintain BUY




Affin Hwang Investment Bank Bhd


30 May 2013





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Solid 1Q13 core net profit of RM90m, within expectations Sunway’s 1Q13 core net profit grew by 40.7% to RM90.3m on higher revenue (+25.3% yoy), improved EBIT margin and higher associates/ JCE earnings (+11.7% yoy). Sunway’s property development segment reported a stronger revenue of RM202.7m (+26.6% yoy) and higher EBIT of RM25.5m (+40.6% yoy) due to strong property sales and higher progress billings. The group’s construction business had also reported a significantly stronger 1Q13 EBIT of RM27.3m (from RM7.4m) on higher progress billings of infrastructure and buildings works as well as stronger sales of precast products. Overall, the group’s core net profit is inline with market expectations and our expectations, accounted for 24% of consensus and our full year earnings forecast.

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