The resumption of construction tempo following the end of an enforced safety brake between Sept 2022 and last May in Singapore helped lift demand too.
CGS International's analysts Ong Khang Chuen and Kenneth Tan have kept their "add" call and $1 target price on Hong Leong Asia (SGX:H22
) , calling the company an "underappreciated building materials proxy" for the construction industry upcycle in Singapore and Malaysia.
In 2HFY2023, its building materials unit enjoyed strong growth momentum with earnings up 167% y-o-y to $45 million, thanks to better selling prices and volumes at this Malaysia cement unit Tasek.
