SINGAPORE (Nov 13): DBS is maintaining its “hold” call on Pan-United Corp with a lower 61 cents target price as the pace of Singapore’s construction sector has slowed this year.

In a Nov 12 report, analyst Alfie Yeo says while Singapore has a civil construction project pipeline, the pace of construction is not rapid. Construction GDP growth has been unexciting at -1.6 to 2% this year.

“Private project developments are slow and we believe the rollout of government related projects will remain at best steady,” says Yeo. Meanwhile, labour and restructuring challenges continue to persist.

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