MIDF Research upgrades Sunway to Buy, raises target price to RM3.72

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KUALA LUMPUR (Nov 14): MIDF Research has upgraded Sunway Bhd to a Buy with a higher target price of RM3.72 (from RM2.93) and said it was upbeat on the proposed relisting of Sunway’s construction arm on the account of potential special cash dividend of 22 sen.

In a note Friday, the research house said the construction segment remains buoyant on the back of current outstanding orderbook and job replenishment of RM2 billion a year.

“Property unit will continue to do well due to the strategic location of its projects.

“Premised on the above, we upgrade Sunway Bhd to Buy recommendation with an increased target price of RM3.72,” it said.