M+ Online Technical Focus - 22Mar21
Sunway Construction Group Bhd: Largest pure play contractor
Trading Catalyst
• Malaysia’s largest pure play construction company listed on Bursa Malaysia, capable of delivering integrated construction services works with over the past 40 years of experience.
• Outstanding orderbook of RM5.1bn will sustain earnings visibility over the next 3 years.
• Diversifying into other countries with active tenders of RM5.4bn (>50.0% from overseas such as India, Singapore and Philippines).
• Technically, we may anticipate for a potential breakout above the upper band of the consolidation of RM1.81 to target the next resistances at RM1.93-RM2.00 with long term target at RM2.10.
Technical View
(i) SUNCON (S: RM1.70, R: RM1.93-2.00, LT TP: RM2.10, CL: RM1.69)
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss
Source: Bloomberg, M+ Online
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