HLIB sees Sunway as prime domestic growth proxy, retains 'Buy' with RM5.90 target
The investment bank's bullish stance cements Sunway as a key proxy for Malaysia's growth story heading into 2026.
HLIB said Sunway is well-positioned to capitalise on domestic momentum, with multiple catalysts on the horizon – from stronger-than-expected construction order book wins and a potential conversion of its Medini land to freehold status to the planned healthcare arm listing in early 2026, which could unlock substantial shareholder value.
Over the longer term, HLIB expects Sunway's property segment to stay resilient, supported by healthy take-up from phased launches, strategic landbank expansion, and leverage to the Johor-Singapore Special Economic Zone (JS-SEZ), alongside steady progress in its Singapore-based projects.
HLIB said the technical outlook for Sunway remains bullish.
It noted that Sunway's share price has rebounded sharply from a double-bottom at RM4.00 (January 17) and RM3.93 (April 7), breaking above its 200-day moving average (RM4.65) to hit an all-time high of RM5.16 on July 18, before closing at RM4.74 on Monday.
The investment bank sees the stockholding firm above the RM4.64 support level, with upside potential towards RM4.84, RM5.00, RM5.15, and RM5.32.
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