SunCon's anti-corruption framework gains confidence boost
The investment bank noted that SunCon's adoption of the ISO 37001 Anti-Bribery Management System (ABMS) certification highlights its firm commitment to ethical and transparent business practices. The certification also reflects the group's substantial investment in system development and compliance infrastructure.
"It also obtained the ISO 37001:2016 ABMS certification in May, representing a significant investment in system development, employee training, audits, and continuous monitoring to uphold compliance.
"We think that SunCon will continuously enhance processes and internal controls moving forward," it said in a note.
RHB IB stated that it has not revised its earnings estimates but has raised its ESG score from 3.1 to 3.3 following an upward adjustment to the company's Governance (G) score.
Consequently, the new target price is set at RM6.80, up from RM6.55.
The research house noted that SunCon's upcoming project wins could come from the Seremban Sentral development and several data centres in the Klang Valley, with results expected in the second half of this year.
This is alongside potential expansion work for the JHB1X0 data centre in Sedenak, which has a total planned capacity of 200–300 megawatts.
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