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STI Movers: JMH USD Leads Gains as UIBREIT Slides 8.5%

Singapore  equities  saw  mixed  moves  on  Thursday,  with  selective  strength  among  blue  chips  while  REITs  showed  sharper  volatility. STI  Top  Gainers Top  Performer: Jardine Matheson Holdings Ltd  (J36. SG) +2.21%  to  S$76.31 Other  notable  gainers: Thai Beverage PCL  +1.14% Wilmar International Ltd  +1.08% Hongkong Land Holdings Ltd  +1.07% Seatrium Ltd  +0.84% Key  Point:  Jardine  Matheson  led  STI  gains,  reflecting  strength  in  regional  conglomerates. STI  Top  Losers DFI Retail Group Holdings Ltd  (D01. SG) -5.26%  to  S$4.50 Other  laggards  included: UOL Group Ltd  -2.81% Yangzijiang Shipbuilding Holdings Ltd  -1.47% Genting Singapore Ltd  -1.47% SATS Ltd  -1.08% REITs  Movers Top  Gainers BHG Retai...
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Sunway Achieves Record Revenue for FY2024, Declares Four Sen Second Interim Dividend

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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