Yesterday, Sunway announced on Bursa Malaysia that its wholly-owned subsidiary, Sunway Construction SB, had on 11 Oct 2011 accepted the letter of award for a contract worth RM308.9m from Iskandar Malaysia Studios SB for the proposed construction and completion of the integrated media studios facility known as Pinewood Iskandar Malaysia Studios. In a separate statement, Sunway said that on 10 Oct 2011, the Urban Redevelopment Authority of Singapore awarded the tender of Land Parcel at Jalan Loyang Besar/ Pasir Ris Rise for a 99-year lease term at SGD140.96m (equivalent to about RM345m) to a consortium involving Sunway. The tender was jointly submitted by Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and Oriental Worldwide Investments Inc.
Maintain BUY. We maintain our forecast and BUY recommendation on Sunway at an unchanged FV of RM3.31, based on a 20% discount on our RNAV valuation. Sunway is our top pick among mid- to big-cap property companies, supported by its attractive valuation as well as relatively defensive earnings from its property investment segment. Adding to the stock’s appeal is its construction division’s strong orderbook replenishment.
Maintain BUY. We maintain our forecast and BUY recommendation on Sunway at an unchanged FV of RM3.31, based on a 20% discount on our RNAV valuation. Sunway is our top pick among mid- to big-cap property companies, supported by its attractive valuation as well as relatively defensive earnings from its property investment segment. Adding to the stock’s appeal is its construction division’s strong orderbook replenishment.
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