CGS-CIMB has reiterated its “buy” call on BRC Asia with a lowered target price of $1.35 from $1.55. The recommendation comes despite BRC Asia’s core net loss of $6.4 million recorded for the 3QFY19/20 ended June.

“BRC’s core net loss of $6.4 million in 3Q20 was narrower than our forecast of $10 million loss, mainly due to strong cost control,” say analysts Ong Kang Chuen and Caleb Pang in a report dated Aug 6.

BRC Asia’s revenue saw a decline of 83% y-o-y to $36.6 million due to a compulsory halt in work orders during the circuit breaker period.

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