“We previously expected concerts and mass events to resume by 1H2021, but the resurgence of a new Covid-19 variant has dampened that anticipation. Consequently, despite the majority of Singaporeans having already been vaccinated, we expect mass events to only resume in end-4Q2021, or in 1Q2022. As a result, we downgrade our call on Unusual, as the recovery is not yet imminent,” writes Seet.
Concert promoter and event producer Unusual will have to wait for its recovery, as there is “still some time” before concerts will stage a return, says RHB Group Research analyst Jarick Seet.
In a Sept 22 note, Seet downgrades Unusual to “hold” from “buy” with a lowered target price of 14 cents from 16 cents previously.
