SUNWAY – Fundamental Analysis (21 Nov 2014)

SUNWAY Analysis:-

Excel – http://1drv.ms/1uGWB8o

My View:-

  • Fair value:
      – Absolute EY%:
        – Trailing:
          – FY13 (EPS: 0.3) – Fair value 3.25 (Fair Value Uncertainty: HIGH)
          – R4Q (EPS: 0.91) – Fair value 9.86 (Fair Value Uncertainty: LOW)
        – Forward:
          – FY14 (EPS: 0.274) – Fair value 2.97 (Fair Value Uncertainty: HIGH)
          – FY15 (EPS: 0.299) – Fair value 3.24 (Fair Value Uncertainty: HIGH)
        – EPS applied to reach the current stock price (3.27): 0.302
    – Moreover, Sunway’s integrated construction-property business model should give them an edge in terms of execution
    – 9M14 locked-in property sales of MYR951m (accounting for just Sunway’s effective stake in some JVs) met 73% of its MYR1.3b internal target for 2014. Unbilled sales were MYR2.1b at end-Sep 2014.
    – Sunway’s construction division has, YTD, secured MYR881m worth of works – all internal. This has lifted its outstanding order book to MYR3.3b at end-Sep 2014 (67% external). Management maintains its MYR2.5b job win target for FY14 (including  internal construction contracts).

Latest Financial – Q3 2014 Financial Report (18 Nov 2014) http://www.bursamalaysia.com/market/listed-companies/company-announcements/1797693

At the time of writing, I did not own shares of SUNWAY.

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