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PhillipCapital keeps BRC Asia at 'buy' on recovery of construction demand

The Edge Singapore
The Edge Singapore8/9/2022 08:48 PM GMT+08  • 2 min read
PhillipCapital keeps BRC Asia at 'buy' on recovery of construction demand
Photo: Albert Chua
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PhillipCapital analyst Terence Chua has kept his “buy” call and $2.26 target price on BRC Asia, following the steel supplier’s 9MFY2022 earnings for the period ended June that met his expectations.

Chua’s target price is pegged to 8x FY2022 earnings estimates.

On Aug 2, the company reported earnings of $20.4 million for 3QFY2022 ended June, more than double the year-earlier period, thanks to a recovery in the construction sector but somewhat offset by a moderation of prices.

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