BRC Asia Set to Benefit From Singapore Construction Growth, Project Pipeline -- Market Talk

Dow Jones04-17

0536 GMT - BRC Asia stands to benefit from the strong growth of Singapore's construction sector and the country's robust pipeline of public-sector projects, UOB Kay Hian analysts say in a research report. They raise their target price for the stock to S$2.42 from S$2.07 with an unchanged buy rating. The Building and Construction Authority has projected 2024 total demand of S$32 billion-S$38 billion for Singapore's construction sector, for which BRC Asia manufactures steel mesh, the analysts note. Also, the advancement of mega infrastructure public projects in Singapore is likely to contribute significantly to the long-term outlook for the construction sector, for which the company is a strong proxy, the analysts add. Shares are 1.0% higher at S$1.97. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

April 17, 2024 01:36 ET (05:36 GMT)

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The Building and Construction Authority has projected 2024 total demand of S$32 billion-S$38 billion for Singapore's construction sector, for which BRC Asia manufactures steel mesh, the analysts note. Also, the advancement of mega infrastructure public projects in Singapore is likely to contribute significantly to the long-term outlook for the construction sector, for which the company is a strong proxy, the analysts add. Shares are 1.0% higher at S$1.97. 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