UOB Kay Hian analyst Llelleythan Tan has maintained his buy call on BRC Asia, but has lowered his target price from $2 to $1.76.

In a Sept 23 report, Tan said that being the market leader in the supply of steel products in Singapore, BRC is set to benefit from the recovery in the construction sector and major upcoming projects including the new Tuas Mega Port, Changi Airport Terminal 5 and Greater Southern Waterfront. 

Tan noted that these hefty construction projects require heavy investments with the first phase of Tuas Mega Port costing $2.42 billion and the cost of Changi Airport Terminal 5 estimated at $10billion.

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