Affin Hwang Capital Research believes public-sector contract awards will pick up in 2020. East Coast Rail Link (ECRL) subcontracts to be awarded to Malaysian contractors will start in 1Q20.
KUALA LUMPUR: Affin Hwang Capital Research remains Overweight on construction and its top buys are AQRS, Gamuda, Sunway Construction and Pintaras.
It said on Monday public-sector civil works done by contractors are picking up, growing 3.4% year-on-year (yoy) to RM16.6bil in 3Q19. However, the LRT3 project works only resumed in 2H19 for some of the subcontractors.
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