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Company Update - Sunway
Berhad (ADD, upgrade)
- Solid property sales in 1H14 Sunway has achieved solid 1H2014 new property sales of RM620m (+26% yoy) driven by strong take-up for both new launches (RM435m new launches in 1H2014) and older projects. Notably, the group’s 2Q14 property sales were 56% higher qoq at RM378m (from RM242m in 1Q14). The strong sales momentum continued into July 2014 where its maiden Medini project, the 167 unit RM73m Citrine office achieved 100% booking rate. Also, the group has received 70% booking for its RM210m Geo 2 Service Apartments. In view of the strong property sales ytd, we have raised our 2014-15 property sales projection by 15-18% to RM1.2bn-1.3bn and upgraded our 2014-16 EPS forecast by 5-6%. We raise our RNAV estimate by 4.7% to RM4.72 (from RM4.50) and upgraded Sunway to and ADD (from REDUCE) with a higher TP of RM3.30 (from RM3.15), based on an unchanged 30% discount to RNAV.
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