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Analyst Research Report Snapshot


Results Note – Sunway Bhd (BUY, maintain) - A good set of results, above expectations




Affin Hwang Investment Bank Bhd


01 Dec 2013





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Strong 9M13 core net profit of RM325m, above expectations Sunway reported a strong 9M13 core net profit of RM325.4m (+37.6% yoy) on higher revenue (+19.7% yoy), lower net interest expenses and higher associates/ JCE earnings contributions (+16.5% yoy). The group’s property development business reported a stronger 9M13 core earnings (EBIT plus JCE earnings) of RM219.8m (+30.1% yoy) on stronger property sales and higher progress billings from key projects. The group’s construction business also reported stronger 9M13 earnings on higher progress billings from the MRT job and writeback of provisions. Overall, Sunway’s 9M13 result is above market expectations and also our expectations – the group’s 9M13 core net profit accounted for 83-84% of consensus and our full year earnings forecast.

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