PETALING JAYA: The strong response for Singapore’s Pinery Residences supports Sunway Bhd
’s overall new property sales target of RM4.2bil for financial year 2026 (FY26), representing an increase from the RM3.8bil achieved in FY25.
CIMB Research said with Pinery Residences being a private condominium project, Sunway will be able to progressively book in contributions over its seven-year development period.
Based on Sunway’s effective 35% share of the project’s gross development value of RM1.5bil, it estimates Pinery Residences to account for RM182mil, representing 0.5% of the group’s revised sum-of-parts value.
However, the research house has cut its FY26/FY27/FY28 core net profit forecasts for Sunway by 0.4% to 3% to RM1,190mil/RM1,257mil/RM1,420mil, respectively.
This is after factoring in Sunway’s reduced stake in Sunway Healthcare Holdings Bhd post the latter’s listing (which has come down from 84% to 69.5%) plus incorporating contributions from Pinery Residences.
Shares of Sunway is currently trading at 2.2 times price-to-book value with FY26 to FY28 dividend yields at 1.2% to 1.4%.
It kept its “hold” on the stock.
The shares were traded at RM4.96 at the time of writing.
For its fourth quarter ended Dec 31, 2025 Sunway’s net profit rose to RM502.35mil from RM334.33mil in the previous corresponding period.
The increase was driven by stronger operating performance across most business segements with the exception of property investment, trading and manufacturing, and quarry, it said in a filing with Bursa Malaysia.
Revenue in the quarter meanwhile slipped to RM2.3bil from RM2.85bil a year earlier.
