State polls could affect near-term construction jobs, says HLIB FMTNews FMTBusiness
The construction sector displayed a relatively decent performance in the first half of 2023, said Hong Leong Investment Bank
“With six states gearing up for the elections, any impact to the pace of regulatory approvals may impede new project progress, in particular projects yet to start physical construction,” said HLIB analyst Edwin Woo. The sector registered RM7.2 billion worth of contract awards in the first quarter of 2023, with RM7.5 billion having already been recorded for the second quarter .
HLIB’s top picks for the sector remain unchanged, with “buy” calls on Gamuda Bhd and Sunway Construction Group Bhd with respective target prices of RM4.92 and RM1.94.
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