Oil jumps above US$107 as Asia sells off, Fed and BOJ rate decisions now collide with a fresh energy shock Markets are opening the week under renewed pressure. Brent crude has jumped about 3% to above US$107 , Asian equities are falling sharply, and U.S. Treasury yields remain close to 5%. At the same time, investors are preparing for possible rate hikes from both the Federal Reserve and Bank of Japan this week . For investors, the central question has become: Can central banks contain inflation without causing a much larger slowdown when energy prices are surging at the same time? 30-second market snapshot Market / Asset Latest 🇺🇸 S&P 500 7,656.98, +0.86% Friday 🇺🇸 Dow Jones +0.98% Friday 🇺🇸 Nasdaq +0.96% Friday 🇲🇾 FBM KLCI 1,686.74, -1.10% Friday 🇯🇵 Nikkei -1.7% Monday morning 🇰🇷 Kospi -3.3% Monday morning 🌏 MSCI Asia ex-Japan -0.8% 🛢️ Brent crude ~US$107.36, +2.6% 🛢️ WTI crude ~US$102.48, +2.4% 🇺🇸 U.S. 10Y Treasury ~4.97% 🥇 Gold ~US$4,336...
Financial Highlights
- 4QFY2024 net profit surged 26% YoY to RM335.47 million, driven by strong contributions from construction, property development, and trading & manufacturing divisions.
- Quarterly revenue jumped 53% YoY to RM2.85 billion, up from RM1.87 billion in 4QFY2023.
- Earnings per share (EPS) rose to 5.03 sen, from 4.39 sen previously.
- Declared a second interim dividend of four sen per share, bringing the total FY2024 dividend to six sen per share.
Record-Breaking Full-Year Performance
- FY2024 net profit grew 56% YoY to RM1.15 billion, the highest in three years.
- Annual revenue hit an all-time high of RM7.88 billion, marking a 28% increase from RM6.14 billion in FY2023.
Segment Performance (4QFY2024)
1. Property Development
- Revenue soared 63.4% YoY to RM809.6 million, driven by higher sales and progress billings from local projects.
- Profit before tax (PBT) more than doubled to RM162.5 million from RM69 million a year earlier.
2. Construction
- Revenue doubled to RM1.1 billion from RM532.8 million.
- PBT rose 86% to RM116.7 million, supported by accelerated progress in data centre projects.
- Achieved RM4.2 billion in new contracts in 2024 and set a FY2025 target of RM4.5 billion to RM6 billion.
3. Healthcare
- PBT surged 60.7% YoY to RM67 million, backed by strong performances from Sunway Medical Centre (SMC) Sunway City, SMC Velocity, and SMC Penang.
- Newly launched SMC Damansara raised the group's total licensed beds to 1,396.
- SMC Ipoh set to launch in 2QFY2025.
Strategic Expansion & Future Outlook
- Sunway remains optimistic about the Malaysia and Singapore property markets.
- Plans to launch more projects in Sunway City Iskandar Puteri and Johor Bahru, capitalizing on the Johor-Singapore Special Economic Zone.
- Signed a master agreement with MRT Corp for a transit-oriented development at Bukit Chagar Station of the RTS Link.
Market Performance
- Shares of Sunway closed at RM4.63, gaining three sen on Wednesday.
- Market capitalization: RM28.81 billion.
- Stock has surged 65% over the past year.
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