Above expectations. Sunway's 2011 core net profit of RM325.6m came in
above our expectations but within consensus estimates. We believe the
earnings gap was largely due to stronger-than-expected progress billings
from the property division and a faster-than-expected turnaround in
Sunway Putra Place (via SunREIT). We tweak our earnings forecasts by
+1-3%. Our new target price is RM2.62 based on a 40% discount to RNAV.
Hold.
Maybank Research 1 March 2012
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