Top Calls
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Company Update � Sunway Construction (BUY,
maintain)
- More to come Sunway Construction (Suncon) was awarded the RM1.2bn Klang Valley MRT Line 2 (MRT2) project on 29 March 2016. This lifts its order book to RM4.8bn, equivalent to 2.5x FY15 revenue, improving earnings visibility. We see prospects for more contract wins as Suncon has submitted tenders worth RM18bn for highway and building projects. We lift our RNAV-based target price to RM1.98 from RM1.74 to reflect a higher sustainable construction earnings assumption. Suncon remains our top BUY in the construction sector.
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| For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports. |
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