He adds: “Similarly, we think full-year industry ready-mix concrete (RMC) demand outpaced BCA’s guidance by around 3%, given that January to November 2024 demand was up by a robust 10% y-o-y.”
CGS International (CGSI) analyst Kenneth Tan has maintained his “add” call on Pan-United Corporation at a raised target price (TP) of 75 cents from 72 cents previously in anticipation of the company benefiting from an industry upcycle in FY2025.
“The latest statistics from the Building and Construction Authority (BCA) support our view that Singapore construction activities remain on an upcycle. Based on January to November 2024 figures, we believe full-year construction output and contract awards exceeded the upper end of BCA’s guidance by around 3% and around 13%, respectively,” writes Tan in his Jan 13 note.
