Concert promoter and event producer Unusual will have to wait for its recovery, as there is “still some time” before concerts will stage a return, says RHB Group Research analyst Jarick Seet.
In a Sept 22 note, Seet downgrades Unusual to “hold” from “buy” with a lowered target price of 14 cents from 16 cents previously.
“We previously expected concerts and mass events to resume by 1H2021, but the resurgence of a new Covid-19 variant has dampened that anticipation. Consequently, despite the majority of Singaporeans having already been vaccinated, we expect mass events to only resume in end-4Q2021, or in 1Q2022. As a result, we downgrade our call on Unusual, as the recovery is not yet imminent,” writes Seet.
