We are positive on Sunway’s medium to long term
earnings visibility through its property development projects, construction
orderbook of RM3bn, and stable recurring income from property investments and
REIT (36.7% stake in Sunway REIT). We initiate coverage on Sunway Bhd,
recommending a HOLD with sum-of-parts-derived target price of RM2.65.
Other reports
Other Malaysian news
§
Economy: Minimum
wage at RM900, RM800
§
Axiata: Unit XL Axiata registers 9%
growth for revenue in 1Q2012
§ Maybank: Indonesia
§ RHB-OSK: Deal has
more equity than cash
§ TNB:
Allocates RM9.7bn to increase generating capacity
§ Boustead, KL Kepong: Unit spreads roots to Indonesia
§ Petronas Gas: Awards services deal to US’ Fluor
§ Kencana Petroleum: Kencana HL, Shinryo get Petronas Gas job
§ SEGi: Navis says price is fair
§ Puncak Niaga: Gets RM500m in oil & gas contracts
§ Hunza: Sees income
from Gurney Paragon in 2013
§ Scomi Engineering: Looking into O&G business in Brazil
§ Bina
Puri: Eyes China
§ Construction: Prasarana says
Posco ‘best candidate’ for Ampang LRT
§ Aviation: Khazanah,
Tune Air share swap off
§ Economy: MEF wants
more time
Global news
§
US: Manufacturing
grows at fastest pace in a year
§
US: Construction
spending rose less than forecast in March
§ US
§
Europe : Loan
growth slowed in March as demand faltered
§
Europe : Inflation
slowed in April as oil gains weakened
§
China
§
India
§
South
Korea
§
Taiwan
§
Australia
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