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NewsAffin upgrades Sunway to 'buy'
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Affin upgrades Sunway to 'buy'
by hlk Thu 10 May 2012, 14:24
Affin Research upgraded Sunway Bhd to "buy" after the construction firm won part of Malaysia's mass railway project that worth some RM1.17 billion (US$381.08 million).
"We are positive on the contract win. The contract, when signed, will boost Sunway's construction orderbook to a record high of RM4 billion (US$1.30 billion)," the broker said in a note on Thursday.
Maintaining target price of RM2.90 per share on Sunway, Affin said it continued to like Sunway for its integrated real estate business model, strategic land bank, extensive experience in the construction sector and established international footprint in Singapore, China and Middle East.
By 11:58am, Sunway's shares was unchanged at RM2.37 per share, underperforming the Malaysia's benchmark stock index that rose 0.26 percent. -- Reuters
"We are positive on the contract win. The contract, when signed, will boost Sunway's construction orderbook to a record high of RM4 billion (US$1.30 billion)," the broker said in a note on Thursday.
Maintaining target price of RM2.90 per share on Sunway, Affin said it continued to like Sunway for its integrated real estate business model, strategic land bank, extensive experience in the construction sector and established international footprint in Singapore, China and Middle East.
By 11:58am, Sunway's shares was unchanged at RM2.37 per share, underperforming the Malaysia's benchmark stock index that rose 0.26 percent. -- Reuters
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