2357 GMT [Dow Jones] Sunway Holdings (4308.KU) may rise to MYR1.44 (30-day moving average) vs Tuesday's close at MYR1.39 (flat); this after wholly-owned unit Sunway Construction accepted MYR147.36 million contract from Putrajaya Holdings to build 16-story hotel, 11-story office tower in Putrajaya. Project expected to start October 7; company targets completion within 36 months. "Investors may accumulate Sunway shares as this is quite a sizable project and is expected to contribute positively to the group's earnings from 2010," says one dealer. Based on conservative gross margin of 10%, says project could add around MYR15 million to gross profit over duration of project. (VGB)
Dow Jones Newswires
September 29, 2009 19:57 ET (23:57 GMT)
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