Referring to statistics from the Building and Construction Authority (BCA), the analysts note that RMC demand in the 1Q2024 rose by 10% y-o-y, coming in around 2% above 2019 levels.
CGS International analysts Kenneth Tan and Ong Khang Chuen are keeping their “add” call on Pan-United Corporation as they see it benefitting from the “healthy” demand for ready mixed concrete (RMC) in Singapore and Malaysia.
The construction upcycle in Singapore, in particular, is a plus for the company given its market leadership in the RMC space.
