Analyst Research Report Snapshot

Title:

Results Note - Sunway Bhd (BUY, maintain) - Strong results, within expectations

Price:

$46.00

Provider:

Affin Investment Bank

Date:

29 Aug 2013

Pages:

5

Type:

AcrobatPDF

Companies referenced:

SWAY.KL

Available for Immediate Download
Summary:

1H13 core net profit of RM201m (+42% yoy), within expectations Sunway reported a strong 1H13 core net profit of RM201.1m (+41.7%) on stronger earnings from the property development and construction divisions. The property development business reported a stronger 1H13 EBIT of RM69.9m (+52.2% yoy) and higher PBT of RM126.7m (+59.8% yoy) driven by stronger sales achieved and higher progress billings of its Sunway South Quay, Sunway Damansara, Sunway Velocity and Singapore projects. 1H13 construction EBIT grew by 72% yoy to RM43m on stronger progress billings of the local infrastructure and building works as well as stronger sales of precast products. All in, the result is within consensus and our expectations. Sunway’s 1H13 core net profit accounts for 52% of consensus and our full year earnings forecast. A pleasant surprise from the results announcement is the declaration of a 5 sen interim dividend (vs nil in 1H12).

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