Company Description Sunway Berhad, formerly Alpha Sunrise Sdn Bhd, is engaged in two businesses: property and construction. Its other business divisions include quarry and building materials, trading and manufacturing, hospitality, leisure, and healthcare. It is a special purpose company formed for the acquisition of SunCity Business and the SunH Business. In its construction business, it offers designing and building services in the fields of building construction, civil engineering, infrastructure, mechanical and electrical engineering, machinery and site equipment rental, precast, foundation and piling, and stone materials. It owns 36.7% in Sunway real estate investment trust (REIT), which is managed by its subsidiary Sunway REIT Management Sdn Bhd. Sunway REIT owns a portfolio of retail and commercial properties. On November 3, 2011, it acquired Avenue Wisdom Sdn Bhd. On November 16, 2011, the Company announced that its wholly owned subsidiary, Sunway City Sdn Bhd, acquired Sunway Mall Sdn Bhd.
Company Info
Listing Date 2011-08-23 IPO Price 2.8 Market Capital (Capital Size) 3,024,461,709 (Large) Par Value RM 1.00 Board Main Sector Properties Major Industry Civil Engineering Sub Industry Trading of Pharmaceutical & Construction Related Products Website http://www.sunway.com.my
My Analysis
Forecast P/E now 2.34/0.3083 = 7.59 (Moderate) Target Price 0.3083*9.5 = 2.93 (PE 9.5, EPS 0.3083) Decision BUY if stock price sustain and uptrend above SMA20 with maintain MACD bullish trend or wait rebound at lower price Comment Revenue decreased 13% and also lower than preceding year corresponding quarter 7.2%, eps decreased 38.9% but higher than preceding year corresponding quarter 36%, cash generated from operating enough to cover financing expenses but still increase borrowings and spent 17.6% of Group cash to cover investing expenses, current assets maintain very high which can indicate good prospect in near future, operating margin improving to above 10%, liquidity ratio indicate enough to meet current obligation but cash level decreasing, gearing ratio indicate very high liabilities risk hence have to maintain high profit to mitigate the risk, all accounting of turnover period stiil acceptable range, higher inventory and property development cost normally bring higher income in future, most segment business still good
First Support Price 2.26 Second Support Price 2.17 Risk Rating MODERATE
Research House
Affin Target Price 2.9 (2012-05-10) OSK Target Price 3.31 (2012-05-30) Kenanga Target Price 2.6 (2012-10-04) HwangDBS Target Price 2.55 (2012-10-10) CIMB Target Price 2.7 (2012-12-05) ECM Target Price 2.7 (2012-12-05) RHB Target Price 3.08 (2012-12-05) TA Target Price 3.47 (2012-12-05) AMMB Target Price 2.6 (2012-12-06) HLG Target Price 2.93 (2012-12-10) Maybank Target Price 2.54 (2012-12-10) MIDF Target Price 2.7 (2012-12-10)
Accounting Ratio
Return on Equity 9.34% Dividend Yield - Operating Profit Margin 12.24% Net Profit Margin 16.43% Tax Rate 22.75% Asset Turnover 0.4263 Net Asset Value Per Share 2.57 Net Tangible Asset per share 2.31 Price/Net Tangible Asset Per Share 1.0 Cash Per Share 0.55 Liquidity Current Ratio 1.3943 Liquidity Quick Ratio 0.8637 Liquidity Cash Ratio 0.2685 Gearing Debt to Equity Ratio 1.4866 Gearing Debt to Asset Ratio 0.5765 Working capital per thousand Ringgit sale 28.7% Days to sell the inventory 162 Days to collect the receivables 150 Days to pay the payables 233
Technical Analysis
SMA 10 2.308 (Uptrend) SMA 20 2.305 (Uptrend 2 days) SMA 50 2.317 (Uptrend) SMA 100 2.283 (Same) SMA 200 2.359 (Downtrend) MACD (26d/12d) 0.001504 ( 0.002287 ) Signal (9) -0.003767 ( 0.001318 ) MACD Histogram 0.005271 (Bullish trend 4 days)Bolinger Upper Band 2.388 Bolinger Lower Band 2.222
My notes based on 2012 quarter 3 report (number in '000):- SUNWAY latest news (English) SUNWAY latest news (Chinese) Financial Quarter Summary
a_date year qrt h_price l_price div roe c_roe rev c_rev pbt c_pbt prof c_prof eps c_eps asset c_asset liab c_liab mino equi cfo cfi cff cash fcf net final share c_share m_cap date oper_m prof_m vat asset_t pe navps ntaps p/ntaps cps l_cur l_qui l_cash g_de g_da avg_w inv_d rec_d pay_d 2012-11-28 2012 3 N/A N/A - 2.81% 9.34% 866979 2677833 142413 420459 94273 313055 0.0729 0.2422 8553453 3696686 4930639 2651223 306133 3622814 164825 482868 182408 772593 318043 135635 636958 1292505 1292505 2972761 2012-09-30 12.24% 16.43% 22.75% 0.4263 - 2.57 2.31 1.0 0.55 1.3943 0.8637 0.2685 1.4866 0.5765 28.7% 162 150 233 2012-08-28 2012 2 2.68 2.17 - 4.60% 6.53% 996089 1810854 193147 278046 154335 218782 0.1194 0.1693 8386658 3715909 4832749 2592901 315792 3553909 46233 259227 151923 775723 212994 61071 714652 1292505 1292505 2908136 2012-06-30 10.46% 19.39% 15.71% 0.4428 - 2.51 2.25 1.0 0.61 1.4331 0.9048 0.3062 1.4925 0.5762 30.2% 152 146 231 2012-05-29 2012 1 2.47 2.18 - 1.92% 1.92% 814765 814765 84899 84899 64447 64447 0.0499 0.0499 7900579 3218670 4494042 2388231 324443 3406537 54925 135119 83203 771887 80194 3009 774896 1292505 1292505 2959836 2012-03-31 7.41% 10.42% 21.79% 0.4708 - 2.38 2.13 1.08 0.61 1.3477 0.8969 0.3316 1.4581 0.5688 22.3% 118 126 206 2012-02-29 2011 4 2.75 2.12 - N/A N/A 968606 3738913 190084 507046 123786 369714 0.0958 0.2860 7843628 3284612 4490694 2353440 327963 3352934 323191 290604 116005 863561 32587 83418 780143 1292505 1292505 3373438 2011-12-31 21.25% 19.62% 31.10% 0.4767 9.1245 2.34 2.09 1.25 0.6 1.3957 0.9193 0.33 1.4845 0.5725 24.9% 122 129 217 2011-11-24 2011 3 2.75 2.22 - N/A N/A 934031 2770307 90736 316962 69224 245928 0.0536 0.1903 7658293 3310140 4415435 2242251 425224 3242858 276192 91099 112115 864253 185093 72978 937231 1292505 1292505 2869361 2011-09-30 6.87% 9.71% 20.63% 0.3617 - 2.18 1.92 1.16 0.74 1.4763 1.0618 0.4253 1.5671 0.5766 38.5% 130 180 258 2011-08-25 2011 2 2.47 1.67 - N/A N/A 1002565 1836276 147007 226226 108415 176704 0.0699 0.1139 7454474 3209478 4237714 2293336 418529 3216760 156119 19042 3408 854932 137077 140485 995417 1551006 1551006 3551803 2011-06-30 5.76% 14.66% 20.88% 0.2463 - 1.8 1.59 1.44 0.65 1.3995 1.0143 0.4403 1.5144 0.5685 49.9% - 247 N/A 2011-08-16 2011 1 2.66 2.25 - N/A N/A 833711 833711 79219 79219 68289 68289 0.0440 0.0440 7228852 3157849 4150200 2196165 397336 3078652 72791 46125 7685 850591 118916 111231 961822 1551006 1551006 N/A 2011-03-31 5.20% 9.50% - 0.1153 - 1.73 1.52 N/A 0.63 1.4379 1.016 0.4446 1.5478 0.5741 115.3% - 522 N/A
Financial Quarter Balance Sheet
year qrt Biological assets (A-0) Deferred tax assets (A-0) Derivative assets (A-0) Goodwill on consolidation (A-0) Intangible assets (A-0) Investment in associated companies (A-0) Investment in jointly controlled entity (A-0) Investment properties (A-0) Land held for property development (A-0) Other investments (A-0) Property, plant and equipment (A-0) Receivables (A-0) Rock reserves (A-0) Cash and cash equivalents (A-1) Current tax assets (A-1) Derivative assets (A-1) Inventories (A-1) Other receivables, deposits and prepayments (A-1) Property development costs (A-1) Deferred tax liabilities (L-0) Derivative liabilities (L-0) Loans & borrowings (L-0) Other liabilities (L-0) Current tax liabilities (L-1) Derivative liabilities (L-1) Loans & borrowings (L-1) Payables and accruals (L-1) Minority interest (M-1) 2012 3 529 34153 12742 326491 3046 1095454 526081 1046148 847681 1761 954367 636 7678 711930 80378 - 619108 1497592 787678 51407 509 2001919 225581 25307 216 602396 2023304 306133 2012 2 526 39742 46077 326491 3209 1093651 405867 1007105 795207 1810 942805 347 7912 793819 71078 - 586353 1481185 783474 46633 329 2054288 138598 31979 821 487619 2072482 315792 2012 1 471 33081 10455 326497 2887 1017417 381672 925979 993616 1798 979449 441 8146 791836 67277 - 436245 1282785 640527 48372 304 1904757 152378 28814 859 474282 1884276 324443 2011 4 416 33308 33600 326497 - 1015303 265896 888896 1017292 1849 960567 7013 8379 776705 67588 - 451840 1319145 669334 47914 182 1934472 154686 27098 1554 319222 2005566 327963 2011 3 291 41662 30652 330095 - 1009343 493243 785573 661315 1773 972137 13456 8613 953739 56462 2180 355043 1368401 574315 83167 1021 1886652 202344 25980 277 372765 1843229 425224 2011 2 270 42429 - 330105 - 1008606 478974 768352 629724 1797 957881 18011 8847 1009830 64349 7275 321865 1244642 561517 83869 662 1662981 196866 43328 178 622063 1627767 418529 2011 1 435 39833 - 330095 - 978280 457233 752294 535715 1765 948639 17634 9080 976327 52337 10425 301949 1192200 624611 80766 1204 1678295 193770 63238 219 649921 1482787 397336
Financial Quarter Income Statement
year qrt Revenue Income tax expense Finance/interest costs Other income Administrative/Operating expenses Minority interest Finance/interest income Share of profit/ (loss) of associates Derivative (loss)/gain Share of net profit of jointly controlled entity 2012 3 866979 32399 29911 25108 785995 15741 10464 18919 300 37149 2012 2 996089 30334 29745 25943 917832 8478 6980 101516 162 10034 2012 1 814765 18501 24137 16117 770477 1951 5533 18875 248 23975 2011 4 968606 59123 27668 104754 867572 7175 9855 19026 515 17432 2011 3 934031 18723 25567 27982 897859 2789 7352 16751 11859 39905 2011 2 1002565 30690 15897 22291 967069 7902 9071 56954 385 38707 2011 1 833711 9702 16492 17352 807670 20632 3808 17112 3173 28225
Financial Quarter Segments Revenue
year qrt Others Property development Construction Investment holding Property investment Manufacturing & trading Quarry 2012 3 77316 176624 267276 429 148239 143289 53806 2012 2 81728 188628 388331 144 143676 145041 48541 2012 1 80038 160109 258955 113 130526 147670 37354 2011 4 85139 243911 292789 535 161163 136423 48646 2011 3 73742 229653 305105 244 134336 143456 47495 2011 2 74312 236571 386565 123 117183 140169 47642 2011 1 68742 203122 277051 2007 108975 133106 40708
Financial Quarter Segments Profit
year qrt Others Property development Construction Investment holding Property investment Manufacturing & trading Quarry 2012 3 6351 52970 18315 5920 19310 11660 3406 2012 2 6811 27813 3828 1136 37534 12671 2870 2012 1 5323 18127 21173 4854 21173 12352 920 2011 4 13462 65452 23706 1911 86432 13663 1162 2011 3 4867 29947 16424 20932 28722 11396 3464 2011 2 3696 9341 10419 32223 26804 12815 3457 2011 1 1051 23888 1449 11739 16047 12387 310
Financial Quarter Segments Associate
year qrt Others Property development Construction Property investment 2012 3 103 36904 245 19053 2012 2 - 9515 521 101483 2012 1 - 23631 346 18873 2011 4 348 9640 27073 18679 2011 3 710 37462 2444 16040 2011 2 - 24774 13933 56954 2011 1 985 12830 15385 16137
Short form reference a_date = announcement date, yr = financial year end, qrt = quarterh_price = stock highest price during the quarter, l_price = stock lowest price during the quarterdiv = dividend recommend or declare in the quarter, roe = return on equityc_roe = cumulative of return on equity during the financial yearrev = revenue in the current quarter, c_rev = cumulative of revenue during the financial yearpbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial yeareps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial yearasset = total asset, liab = total liability, mino = minority interest, equi = total equitycfo = net cash flow from operating activities, cfi = net cash flow from investing activitiescff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial yearfinal = cash and cash equivalents as at current financial period endedshare = diluted/basic weighted average number of ordinary sharesc_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial yearm_cap = market capital at announcement date of quarterly report, date = current financial period ended dateprof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarternavps = net asset value per share, ntaps = net tangible asset per share, cps = cash per sharel_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratiog_de = gearing debt to equity ratio, g_da = gearing debt to assets ratioavg_w = working capital per thousand Ringgit saleinv_d = days to sell the inventory, rec_d = days to collect the receivablespay_d = days to pay the payablesCURRENT ● CHANGES IN SHAREHOLDING ● ANNUAL REPORTS HISTORICAL ● CHANGES IN SHAREHOLDING ARCHIVES ● CHANGES IN SHAREHOLDING 
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