Sunway Bhd. · MYX:SUNWAY
Sunway Bhd — Q2 2024 Earnings Presentation
36 slides from Sunway Bhd's earnings presentation, Aug 28, 2024
Slide 1: Sunway Berhad Q2 FY2024
Sunway Berhad Second Quarter Financial Year Ending 31 December 2024 (Q2 FY2024) 28 August 2024
Slide 2: Financial Highlights
Financial Highlights Financial Performance Snapshot for Q2 FY2024 8% 68% 80% Revenue Profit Before Tax PATMI RM1,580 mil RM341 mil RM270 mil (Q2 FY2023: RM1,468mil) (Q2 FY2023: RM203 mil) (Q2 FY2023: RM150 mil) Financial Position as at 30 June 2024 Total Equity Shareholders’ Funds Net Gearing Ratio
Slide 3: Financial Overview
shar SUNWAY’ oF\ COMMITMENT Financial Overview
Slide 4: Financial Overview – Q2 FY2024
Financial Overview – Q2 FY2024 Revenue Profit Before Tax (RM million) (RM million) 10% YoY 8% YoY 44% QoQ 2,999 68% 11% QoQ 50% 568 2,732 1,580 341 395 1,468 1,419 227 203 Q2 FY2023 Q1 FY2024 Q2 FY2024 1H FY2023 1H FY2024 Q2 FY2023 Q1 FY2024 Q2 FY2024 1H FY2023 1H FY2024 o Revenue increased 8% YoY t
Slide 5: Segmental Overview – Q2 FY2024 Revenue
Segmental Overview – Q2 FY2024 Stronger performance from most business segments contributed to the Group’s performance growth Revenue Movement in Segmental Revenue (RM million) (RM million) Q2 FY2024: RM1,580 million 1,580 (Q2 FY2023: RM1,468 million) 1,468 3% 6% 16% 12% 19% 27% 8% 49 1,580 404 372
Slide 6: Segmental Overview – Q2 FY2024 Profit Before Tax
Segmental Overview – Q2 FY2024 Profit Before Tax Movement in Segmental Profit Before Tax (RM million) (RM million) Q2 FY2024: RM341 million (Q2 FY2023: RM203 million) 341 43% 31% 18% 155% 3% 154% 159% 68% 341 203 86 70 61 49 49 53 203 45 38 34 23 10 11 11 4 Others 2 Construction 1 Healthcare Investm
Slide 7: Financial Position as at 30 June 2024
Financial Position as at 30 June 2024 Total Equity & Shareholders Funds Total Assets and NAV Per Share Total equity (RM billion) Shareholders’ Funds (RM billion) Total assets (RM billion) Net assets per share (RM) 16.1 2.19 15.0 2.15 14.5 2.13 13.6 13.9 13.1 2.05 12.0 12.5 29.8 28.6 25.1 26.1 FY2021
Slide 8: Property Development
Core Segments Performance Property Development 8
Slide 9: Property Development
Property Development Revenue Profit Before Tax (RM million) (RM million) YoY YoY 3% 8% 51% 43% QoQ QoQ 29% 81% 660 610 109 70 362 372 72 49 288 39 Q2 FY2023 Q1 FY2024 Q2 FY2024 1H 2023 1H 2024 Q2 FY2023 Q1 FY2024 Q2 FY2024 1H 2023 1H 2024 o Revenue increased 3% YoY to RM372 million in Q2 FY2024, o P
Slide 10: Property Development Operational Metrics
Property Development Operational Metrics (1H FY2024) Property Launched Property Sales Property Unbilled Sales RM811 million RM1.3 billion RM4.5 billion (1H 2023: RM3.1 billion launched) (As at 30 Jun 2023 : RM1.5 billon) (As at 30 Jun 2023: RM4.9 billion) 50% Unbilled Sales / Revenue (times) 39% 6.7
Slide 11: Property Development: 1H FY2024 Launches
Property Development : 1H FY2024 Launches 3 projects launched in 1H FY2024, with total GDV launched of RM811 million Sunway Velocity 3 Sunway Aviana (Tower A & B) (Phase 3) Sunway Gardens (Phase 3) Serviced Residences Two-storey terraces Condominium Jalan Peel, Kuala Lumpur Sunway City Iskandar Pute
Slide 12: Planned Launches in 2H FY2024
Property Development Launches Target Planned Launches in 2H FY2024 in FY2024 GDV Project Product Type Location Northern (RM million) Malaysia China 10% 12% Kelana Jaya Phase 2 Serviced Apartments & Super Link-House Kelana Jaya, Selangor 455 Southern Sunway Flora Plot 2 Tower A Serviced Apartments Bu
Slide 13: Healthcare
Core Segments Performance Healthcare 13
Slide 14: Healthcare
Healthcare Operational Metrics (1H FY2024) Profit Before Tax1 (RM million) YoY 29% No. of Operating Hospitals QoQ 31% 3 34% 86 (1H 2023: 3) 67 49 No. of Licensed Beds 38 37 1,158 beds (1H 2023: 1,085 beds) Q2 FY2023 Q1 FY2024 Q2 FY2024 1H 2023 1H 2024 Total Census 1 Share of net profit of Sunway Hea
Slide 15: Healthcare: Increasing Beds Capacity
Healthcare Increasing Beds Capacity Sunway City Kuala Lumpur Seberang Jaya, Penang Phase 1: 616 beds (Tower A, B & C) Phase 1: 205 beds (Opened) Phase 2: 269 beds (Tower D & E) Phase 2: 191 beds Phase 3: 201 beds (Tower F) (Opening in 2024) Velocity Kuala Lumpur Paya Terubong, Penang Phase 1: 229 be
Slide 16: Construction
Core Segments Performance Construction 16
Slide 17: Construction
Construction Revenue Profit Before Tax (RM million) (RM million) YoY YoY 6% 3% 18% 13% QoQ QoQ 2% 24% 754 95 732 84 52 45 42 404 381 372 Q2 FY2023 Q1 FY2024 Q2 FY2024 1H 2023 1H 2024 Q2 FY2023 Q1 FY2024 Q2 FY2024 1H 2023 1H 2024 o Revenue dropped by 6% YoY to RM381 million in Q2 FY2024, o PBT improv
Slide 18: Construction: Diversified Order Book
Construction Solid Diversified Order Book as at 30 June 2024 Sustainable Energy 1% Inhouse 23% Ongoing Project Inhouse 27% 42 Projects Outstanding New Order Book Data Order Book Centre Data Secured 51% Singapore Centre Precast RM7.4 bil Building 67% RM3.5 bil 10% Active Tender Book (As at 30 June 20
Slide 19: Construction: Outstanding Order Book
Construction Outstanding Order Book of RM7.4 billion to provide earnings visibility in the next 2-3 years AS AT 30 JUN 24 Completion Contract O/S Orderbook AS AT 30 JUN 24 Completion Contract O/S Orderbook Sum Sum (RM mil) (RM mil) % (RM mil) (RM mil) % BUILDING 281 4% SINGAPORE 732 10% OXLEY TOWER
Slide 20: Order Book Replenished in 1H FY2024
Construction Order Book Replenished in 1H FY2024: Achieved >80% of FY2024 New Order Book Target Contract Sum Projects (2024 new awards) Client Type Completion Date (RM'mil) Sunway Ipoh Mall Sunway Lost World Water Park Sdn Bhd Internal - Commercial Q1 2027 721 Early Contractor Involvement (ECI) & Wo
Slide 21: Property Investment
Core Segments Performance Property Investment 21
Slide 22: Property Investment
Property Investment Revenue Profit Before Tax (RM million) (RM million) PBT YoY YoY 16% 13% 155% 54% QoQ QoQ 462 24% 156 409 86 101 69 231 231 199 34 Q2 FY2023 Q1 FY2024 Q2 FY2024 1H 2023 1H 2024 Q2 FY2023 Q1 FY2024 Q2 FY2024 1H 2023 1H 2024 o Revenue increased by 16% YoY to RM231 million in Q2 FY20
Slide 23: Property Investment Operational Metrics
Property Investment Operational Metrics Property Investment Leisure Hospitality Asset Under Management (AUM) Theme parks Hotels & Resorts RM12.6 billion 2 12 (31 Dec 2023: 12.0 billion) Current Portfolio No. of Visitors Guest Composition 1H 2024 as at 30 June 2024 15 10 7 1.03 million 57% Foreign Gu
Slide 24: In Conclusion
SUNWAY’ In Conclusion
Slide 25: In Conclusion: Optimistic Outlook
In Conclusion Optimistic outlook for the remaining part of the year o The Healthcare segment would continue to grow, from additional new hospitals and increasing in bed capacity, to meet the growing demand for quality healthcare services from domestic patients and healthcare tourists. o Given the pr
Slide 26: Supplemental Information
Supplemental Information 26
Slide 27: Income Statements Highlights
Income Statements Highlights RM million Q2 2024 Q2 2023 Q1 2024 1H 2024 1H 2023 Revenue 1,579.9 1,468.2 1,419.0 2,998.9 2,731.9 EBIT 350.6 217.6 252.7 603.3 413.7 EBIT Margin (%) 22.19 14.82 17.81 20.12 15.14 PBT 341.0 203.0 226.7 567.7 395.0 PBT Margin (%) 21.59 13.83 15.98 18.93 14.46 PATMI 270.5
Slide 28: Solid Balance Sheet
Solid Balance Sheet RM million 30 June 2024 31 December 2023 (Unaudited) (Audited) Non-current Assets 19,058.8 18,639.1 Current Assets 10,790.7 9,944.7 Total Assets 29,849.5 28,583.8 Current Liabilities 9,718.9 9,241.6 Non-current Liabilities 4,045.7 4,341.9 Total Liabilities 13,764.6 13,583.5 Share
Slide 29: Segmental Information
Segmental Information Property RM million Q2 2024 Q2 2023 Q1 2024 1H 2024 1H 2023 Development Revenue 371.9 362.1 287.7 659.6 609.9 Operating Profit 51.4 44.7 33.6 84.9 58.9 Operating Profit Margin (%) 13.8 12.3 11.7 12.9 9.7 EBIT (incl. share of associates & JCE) 73.8 54.4 46.1 120.0 80.3 EBIT Marg
Slide 30: Segmental Information
Segmental Information Construction RM million Q2 2024 Q2 2023 Q1 2024 1H 2024 1H 2023 Revenue 381.1 404.1 372.5 753.6 732.0 Operating Profit 54.6 48.8 49.8 104.4 92.6 Operating Profit Margin (%) 14.3 12.1 13.4 13.9 12.6 EBIT (incl. share of associates & JCE) 54.9 49.2 53.9 108.9 93.2 EBIT Margin (%)
Slide 31: Property Projects Take-Up Rates
Property Projects Take-Up Rates *as of end-July 2024 Sunway Lenang Heights Sunway Flora Residences Sunway Dora Sunway Aviana Location Taman Molek, Johor Bahru Bukit Jalil, Kuala Lumpur Bayan Baru, Penang Sunway City Iskandar Puteri, Johor Tower A: RM 306m Phase 1: RM 94m GDV RM 90m RM 70m Tower B: R
Slide 32: Property Projects Take Up Rates
Property Projects Take Up Rates *as of end-July 2024 Jernih Residence (Tower A&B) Sunway Alishan Residences Sunway d’hill Residences Location Kajang, Selangor Cheras, Kuala Lumpur Kota Damansara, Kuala Lumpur Tower A: RM 313m Tower 1: RM 230m GDV RM 286m Tower B: RM 179m Tower 2: RM 359m Type Servic
Slide 33: Property Projects Take Up Rates
Property Projects Take Up Rates *as of end-July 2024 Sunway Velocity TWO Sunway Belfield Sunway Artessa (Tower C & D) Location Jalan Belfield, Kuala Lumpur Jalan Peel, Kuala Lumpur Wangsa Maju, Kuala Lumpur Tower C: RM 355m GDV Total: RM 1.1b RM 320m Tower D: RM 390m Type Serviced Residence Serviced
Slide 34: Property Projects Take Up Rates
Property Projects Take Up Rates *as of end-July 2024 Terra Hills The Continuum Location Pasir Panjang, Singapore Thiam Siew Avenue, Singapore SGD 845 million SGD 2.2 billion GDV (Effective RM 700 million) (Effective RM 2.0 billion) Type Private Condominium Private Condominium Units 270 816 Launch Fe
Slide 35: Property Projects Take Up Rates
Property Projects Take Up Rates Updated as at November 2021 *as of end-July 2024 Ki Residences Parc Central Residences Sunway Gardens Phase 3 Location Clementi, Singapore Tampines, Singapore Tianjin, China SGD 1.1 billion SGD 885 million RMB 375 million GDV (Effective RM 1 billion) (Effective RM 940
Slide 36: Thank You
Thank You Email : irsunwayberhad@sunway.com.my Website : www.sunway.com.my This presentation may contain certain forward-looking statements due to a number of risks, uncertainties, and assumptions. Representative examples of these factors include (without limitation) general industry and economic co