Investment Case

Key Takeaways:

Vertically Integrated Construction Company Vertically Integrated Construction Company
  • Vertically integrated business model with design and build capabilities to provide end-to-end construction solutions.

  • Virtual Design and Construction (VDC) enabled.

  • Cross-functional talent across the construction value chain.

Solid Order Book Solid Order Book
  • Strong order and tender books supported by diversified capabilities across various construction sub-segments.

  • Proven track record in both local and international stages.

  • Strong client retention, evidenced by recurring orders from reputable, creditworthy clients.

  • Strategic expansion into Advanced Technology Facilities (ATF), securing 6 data centre projects from 4 multinational clients.

Positioned for Growth Positioned for Growth
  • Leading pure-play listed construction company in Malaysia by turnover and profit.

  • Regional presence established in India and ASEAN.

  • Positive construction sector outlook in Malaysia (Construction sector GDP growth: 2022: +5.1%, 2023: +6.1%, 2024: +17.5%).

  • Operational scale-up in precast segment via ICPH plant in Singapore.

Strong Financial Fundamentals Strong Financial Fundamentals
  • Awarded the highest ROE in the construction sector for six consecutive years and highest return to shareholders over the past three years by The Edge Billion Ringgit Club.

  • Sound balance sheet with net current assets position.

  • Strong dividend payout (2022: 53%, 2023: 53%, 2024: 59%).

Commitment to Long-Term Sustainability Commitment to Long-Term Sustainability
  • ESG-focused and aligned sustainable efforts with the UN Sustainable Development Goals.

  • Awarded the Industry Excellence Award (Construction) at the National Corporate Governance and Sustainability Awards (NACGSA) 2024.

  • Inclusion in FTSE4Good with a score of 3.4.

  • Achieved MSCI AA ESG rating.


Financial Calendar

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Analyst Coverage

Analyst Coverage

Loong Chee Wei
Affin Hwang Investment Bank
cheewei.loong@affinhwang.com
Nabil Zainoodin
BIMB Securities
nabil@bimbsec.com.my
Chong Tjen-San
CGS International
tjen-san.chong@cgsi.com
Steven Chan
Citi Research
steven.chan@citi.com
Joe Liew
CLSA Securities
joe.liew@clsa.com
Edwin Woo
Hong Leong Investment Bank
ckwoo@hlib.hongleong.com.my
Teh Kian Yeong
Kenanga Investment Bank
tehky@kenanga.com.my
Wong Chew Hann
Maybank Investment Bank
wchewh@maybank-ib.com
Tushar Mohata
Nomura Securities
tushar.mohata@nomura.com
Adam bin Mohamed Rahim
RHB Investment Bank
adam.mohamed.rahim@rhbgroup.com
Raymond Ng
TA Securities
raymondng@ta.com.my
Ken Tay
UBS Research
ken.tay@ubs.com
Jack Goh
UOB KayHian
jackgoh@uobkayhian.com
Thong Kei Jun
Phillip Capital
thong.keijun@phillipcapital.com.my
Yen Voo
J.P.Morgan
yen.voo@jpmorgan.com
Muhammad Nuur Ashman bin Ab Razak
Aimi Nasuha binti Md Nazri
AmInvestment Bank
muhammad-nuur-ashman.a@ambankgroup.com aimi-nasuha.md-nazri@ambankgroup.com
Royce Tan Seng Hooi
Ajay D Bhaskaran
MIDF Amanah Investment Bank
royce.tan@midf.com.my ajay.bhaskaran@midf.com.my

Analyst Reports

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Corporate Presentation

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SunCon In The News

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2016