- The sector outlook in 2025 is promising, backed by the rollout of major projects (such as Changi T5 and MBS integrated resort expansion) and continued BTO supply ramp-up. We also expect private contract flows to improve, driven by the robust demand for the residential sector.
2024 review.
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2024 results within expectations.
- The construction companies under our coverage delivered resilient 2024 earnings as three companies were within expectations. Only one company, Pan-United (SGX:P52) underperformed, while Centurion (SGX:OU8) exceeded expectations.
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Earnings are set to grow in 2025.
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