KUALA LUMPUR: Sunway Construction Group Bhd (SunCon) surged to its all-time high of RM1.57 on Monday on investor expectation of securing more contracts, strong earnings outlook and recent upgrades by analysts.
At 10.05am, it was trading at RM1.56. There were 1.53 million shares done at prices ranging from RM1.48 to RM1.57.
The FBM KLCI was up 3.30 points or 0.19% to 1,699.84. Turnover was 428.15 million shares valued at RM266.88mil. There were 310 gainers, 191 losers and 264 counters unchanged.
SunCon's dividend of 20% for each 20 sen share will go ex of March 23.
SunCon stands to secure up to RM5.6bil worth of new jobs this year, according to Maybank Investment Bank Research.
Recently, the research house, which has maintained its “buy” recommendation for the stock with a higher target price of RM1.65, said that SunCon’s job replenishment prospect this year remains robust with potential job wins from railway, bus rapid transit (BRT), highways and building projects.
Maybank Research said the group continues to tender actively for both infrastructure and building jobs to enhance its solid orderbook of RM3.7bil, with another RM5.6bil of potential job wins this year.
Macquarie Research had an Outperform with a target price of RM1.67 on March 11 while TA Securities Research had a Buy at RM1.72 on March 2.
SunCon, which provides construction and engineering services, is trading at a price-to-earnings of 15.55 times.
