Sunway Construction: Earnings upgrade cycle ahead

研报英文原文证据摘录

Sunway Construction: Earnings upgrade cycle ahead

J P M O R G A N Asia Pacific Equity Research

28 July 2026

Sunway Construction Overweight

SCOG.KL, SCGB MK

Earnings upgrade cycle ahead Price (28 Jul 26):RM7.62

Price Target (Jun-27):RM10.50

SCGB’s upcoming 2Q26 results could mark the start of an earnings upgrade cycle, Malaysia Research

ACunderpinned by: (1) management’s potential lifting of FY26 orderbook guidance Yen Voo, CFA, CA

to the upper end of consensus’ RM6bn-8bn; and, more important, (2) the (60-3) 2718 0914

tenderbook possibly crossing the RM20bn milestone in 2H26, both backed by a yen.voo@jpmorgan.com

solid DC hyperscaler pipeline captured by our recently updated proprietary 13GW JPMorganX) Securities (Malaysia) Sdn. Bhd. (18146-

DC tracker. The former could drive near-term revisions, but the latter could extend

Nigel Ng

the upgrade runway well into FY27-28. With record quarterly earnings expected (60-3) 2718 0962

from 2HFY26, we maintain our Street-high Jun-27 PT of RM10.50 and OW rating. nigel.ng@jpmorgan.com

Results are due 24 August, and J.P. Morgan will be the first to host a virtual results JPMorgan Securities (Malaysia) Sdn. Bhd. (18146-

X)

call on 26 August, at 10am HKT, to further cross-check DC demand trends. Please

click on the JPM Events link here to register for the call, or request dial-in details Samuel Tan

(60-3) 2718 0781

from your JPM contact. samuel.tan@jpmorgan.com

JPMorgan Securities (Malaysia) Sdn. Bhd. (18146-

• 2Q26 earnings to accelerate despite margin normalization. We forecast X)

earnings of ~RM130mn (+14% QoQ) as revenue rebounds 37% QoQ, to Industrials

RM1.4bn, as projects enter higher execution phases. PBT margins should Karen Li, CFA

normalize to ~9% from 15% as tail-end job savings fade, a mere normalization (852) 2800-8589