PhillipCapital’s senior research analyst Terence Chua has started coverage on BRC Asia with a “buy” rating and a target price of $1.87.

In a Feb 22 note, Chua forecasts “record earnings” for FY2021 and FY2022 of $42 million and $45 million respectively on the back of a general recovery in the construction sector. 

He estimates that construction activity has resumed to about 75% of pre-Covid 19 levels at the moment, and expects this to go up to 80% by June 2021 as construction activities continue to resume island-wide.

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