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新2网址大全(www.hg8080.vip):SunCon in good stead for higher earnings in 2023 as replenishment exceeds forecasts

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KUALA LUMPUR: Sunway Construction Group Bhd (SunCon) is poised for higher earnings following its latest contract win, which gives its order book a boost.

The construction group announced yesterday that its 60:40 joint venture with Power Engineering Consulting Stock Company 2 has signed an interim agreement with Toyo Ventures Holdings Bhd to provide engineering, procurement and construction (EPC) works worth US$2.2bil (RM10bil) for a 2,120ME coal-fired power plant in Vietnam.

It said the duration of the contract will be 57 months upon finalising the terms in a definitive agreement within the next six months.

"We understand from SunCon that this project would be a pure EPC job with no required financing from its end, and the commencement of the contract hinges upon the project owners obtaining financial close from its syndicated lenders.

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"To recap, Toyoven has secured this power plant concession in end-2020 but has yet to achieve financial close. We believe that SunCon’s role as an established contractor in the concession would help expedite the financial close," said Kenanga Research in its stock update.

The research house said the contract lifts year-to-date replenishment to RM6.9bil, which far exceeds its and the company's targets of RM1.5bil and RM2bil respectively.

"We are positive over the sheer scale of the project which lifts SUNCON’s current outstanding order book of RM4.0b to a record high of RM10b (previous peak was RM6.6b in 2017)," it added.

Following the contract win, Kenanga raised its FY23 forecast earnings for SunCon by 19%.

It maintained "outperform" on the stock with a higher target price of RM1.93, while noting the strong replenishment pipeline from parent Sunway Bhd, dominant position in the local construction space and strong balance sheet.


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