AmInvestment Bank has kept a “buy” on Sunway Bhd with an unchanged fair value of RM3.54 per share, based on a 15% discount to its sum-of-parts (SOP) value of RM4.18 per share and an implied PE of 11 times FY16 forecast.
It believed that Sunway’s long-term prospects were intact and the stock was currently trading at undemanding forward PEs of less than 10 times.
“The risks continue to be the lull in the property development market, but the construction division is expected to step up contributions to the group,” it said.
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It believed that Sunway’s long-term prospects were intact and the stock was currently trading at undemanding forward PEs of less than 10 times.
“The risks continue to be the lull in the property development market, but the construction division is expected to step up contributions to the group,” it said.
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