- Workplace incidents hampered the recovery. As a result of the Heightened Safety period imposed by the Ministry of Manpower (MOM), local construction projects are, in general, progressing slower than expected. 2022-to-date contracts awarded is down 9.4% y-o-y.
- According to data from the Building and Construction Authority (BCA), demand for ready-mixed concrete (RMC) for the first 9 months of 2022 was ~8.8mil cu/m, about 8% lower than our estimate and up 14.2% y-o-y.
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What's new for Pan United
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- No results update from Pan United as it has moved to half-yearly reporting.
The Positives
Construction progress payments for first 9 months of 2022 rose 14.2% y-o-y.
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