Friday 29 Mar 2024
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Sunway Bhd
Sunway recently announced its intention to list its construction arm by 2Q15, and is poised to benefit from the country’s major infrastructure spending. The company plans to distribute part of the listing proceeds in the form of a special dividend, estimated to be about 25-30 sen per share.

Sunway is one of Malaysia’s largest property and construction companies, and has a solid track record. It has a total land bank of 3,376 acres with potential GDV of RM50 billion. It has a land bank of over 1,800 acres in Iskandar Johor, where it is poised to replicate its successful Sunway Resort City concept with a RM30 billion project.

The stock is trading at a trailing 12-month P/E ratio of 3.9 times and just 1.08 times book. Excluding revaluation gains, its normalised P/E is 11.8 times. Dividend per share was 10 sen in 2013, translating into a yield of 2.9%.

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This article first appeared in The Edge Financial Daily, on November 5, 2014.

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