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Top Calls
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Sector Update � Construction (OVERWEIGHT, maintain)
Robust outlook despite non-construction drag
The 2Q17 results for the Construction Sector were generally below expectations. Strong earnings growth for the companies' construction divisions was held back by weaker earnings for their non-construction businesses. However, the sector charted strong aggregate core EPS growth of 9% qoq and 23% yoy in 2Q17. We remain Overweight on the sector on the positive outlook on contract awards, which should accelerate in 2H17 with major packages for LRT Line 3 rolling out. Our top BUYs are Gamuda, WCT and HSS.
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| For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports. |
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