This few days sunway share like makan "LAU SAI" medicine, down down down nia.


Probably because of this:

SINGAPORE — Sovereign wealth fund GIC is seeking to raise US$51 million (S$63.7 million) by selling part of its stake in Malaysia’s Sunway Berhad, people with knowledge of the matter said yesterday.
GIC, which currently owns 12.2 per cent in the construction and property firm, will see its stake fall to 8.7 per cent after the sale, one of the sources said.
GIC manages Singapore’s foreign exchange reserves and, according to its website, the fund has a portfolio worth more than US$100 billion.
But according to the Sovereign Wealth Fund Institute, GIC is the world’s eighth-largest sovereign wealth fund, managing a portfolio worth as much as US$285 billion.
CIMB Group and JP Morgan Chase are managing the sale. DOW JONES

AM RESEARCH 30 August 2013:

We maintain HOLD on Sunway with an unchanged fair value of RM3.05/share, based on a 10% discount to a tweaked and higher SOP value of RM3.38/share (vs. RM3.21/share previously). 
• Sunway yesterday announced a 1HFY13 core net profit of RM201mil (+51% YoY) – making up 50% of our forecast and 51% of consensus. 
• Including an exceptional gain of RM60mil (share of fair value gain in SunREIT), its bottom line hit RM261mil (+19% YoY) on the back of an 18% rise in turnover to RM2.14bil – representing 54% of our projection. 
• It declared a single-tier interim dividend of 5 sen/share (2% yield). We had expected a 1.5 sen/share interim dividend and 3 sen/share final dividend – for a payout ratio of ~20%. 
• The 1HFY13 EBIT was below our forecast, but this continued to be largely mitigated by a lower effective tax rate at 17% vis-à-vis the corporate rate of 25%. Additionally, the interest charges represented only 34% of our projected full-year number. 
• EBIT margin in 1HFY13 improved marginally by 0.4ppt YoY to 9.5% (our assumption at 12%), and for 2QFY13, it was up 2ppts QoQ to 10.4%. We maintain our operating margin assumptions for now. 
• Property development and construction contributed more to earnings in 1HFY13 as operating margins improved by 1.1ptps and 1.5ppts respectively, while the quarry operations’ margin had surged by 7.2ppts. 
• For the first half, property sales came in at RM606mil (effective RM492mil; +27% YoY, -47% QoQ). YTD, property launches amounted to RM680mil. As at 30 June, 2013, unbilled sales amounted to RM2.2bil (effective RM1.8bil). 
• Sunway says construction revenue and profit fell QoQ due to a slight delay in the LRT project arising from a stop work order imposed on all contractors as a result of accidents at the work site of other packages not undertaken by the group. 
• The progress of the MRT project was also slightly delayed due to adverse weather conditions which resulted in slower  progress billings. 
• All in, we deem the results to be in-line with expectations. We  maintain our numbers.