RHB Research expects SunCon to deliver a core profit of RM340 million to RM350 million for FY2025, when it announces the results for its fourth quarter ended Dec 31, 2025 (Q4 FY2025) next week.

“We expect Q4 FY2025 core earnings to come in between RM70-80 million, translating into year-on-year growth of 6.4%-21.6%, attributed to accelerated progress billings, particularly from data centre projects in Johor,” it said in a note today.

RHB Research said 50% of SunCon’s FY2025 project wins came from data centres. The record earnings are expected even as its total job wins of RM5.2 billion in 2025 missed the research house’s expectation of RM6 billion.

Despite reducing SunCon’s FY2025 earnings forecast by 2.9%, RHB Research lifted earnings projections for FY2026 and FY2027 on higher job wins.

It noted the company’s JHB1X0 data centre project in Johor is reaching 97% completion, while the PSR-MNC data centre project was 54% completed by the end of Q3 FY2025.

SunCon is also expected to win a few property projects such as Seremban Sentral and potential expansion works for the JHB1X0 data centre in Sedenak.

“Key anticipated DC rollouts include Microsoft’s Southeast Asia Region 3, which we think is related to the 370 acres of land in Johor that Microsoft purchased between 2023 and 2025, it said.

RHB Research also raised its target price for SunCon to RM7.35 per share. The stock closed 3.4% or 21 sen higher today at RM6.41, valuing it at RM8.47 billion.

Year to date, the share price has risen 12.7% but over the last one year it has surged nearly 57%.

SunCon is a subsidiary of Sunway Bhd, which has a 54.55% stake through Sunway Holdings Sdn Bhd.