In Need Of A Real Catalyst
2H21 earnings are expected to remain weak due to the restrictions imposed on
construction activities. Based on the vaccination programme timeline, we could expect progress billings to accelerate starting 4Q21/1Q22. The newsflow on the MRT3 and PBHS projects might provide some trading opportunities in the sector. The government has its plate full with handling pandemic-related issues, and this implies slow infrastructure contracts rollout. Maintain MARKET WEIGHT.