KUALA LUMPUR (May 5): AffinHwang Capital Research has maintained its “Buy” rating on Sunway Construction Group Bhd (Suncon) with a target price of RM1.98 and said Suncon’s Managing Director Chung Soo Kiong was positive on the company’s prospects to grow its order book.
In a note today, the research house said new contracts clinched to date total about RM2 billion and Suncon is targeting another RM500 million-RM1 billion by end-2016.
“Suncon is exploring investment infrastructure projects given its high net cash of 25.6 sen per share, while maintaining a reasonable dividend payout.
“Suncon remains our top Buy in the construction sector with a RM1.98 target price, based on a 10% discount to RNAV,” it said.
SUNCON (5263) - Sunway Construction remains AffinHwang’s top Buy in construction sector
http://www.theedgemarkets.com/my/article/sunway-construction-remains-affinhwang%E2%80%99s-top-buy-construction-sector
