Company Update � Sunway Bhd (ADD,
maintain)
- Two is greater than one
We are positive on the proposed listing of Sunway
Construction Group (SCG). We foresee keen investor demand for SCG shares in
view of the positive construction sector outlook and SCG�s strong project track record. Also, the exercise will
unlock SCG�s value
and offer Sunway shareholders a flexibility to optimise their resource
allocation. Maintain ADD. We raised our TP by 9% to RM3.60, valuing SCG at
14x CY15 EPS and the other businesses at a 30% discount to RNAV.
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