- Sunway Construction Group’s subsidiary, Sunway Construction, has bagged a RM1.6 billion contract to design and construct government office buildings in Putrajaya.
- The contract consisted of the construction 10 blocks of government office buildings and one block of shared facilities. Construction would start on 18 September and is expected to take 34 months for completion.
- According to BIMB Research, including the latest win, the group has secured RM2.2 billion worth of projects year-to-date and has raised its outstanding order book to RM4.3 billion, which stretches into the next three years.
Significance: BIMB Research has reaffirmed its ‘Buy’ call for the stock, with a higher target price of RM1.52, positive on the expectations that the firm will have an advantage in the construction package of LRT3 and MRT II, strong earnings visibility and attractive dividend.
Contributed by Shares Investment
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