Upgrade to Overweight. We are upgrading the construction sector to Overweight from Neutral as we foresee construction stocks to generally outperform the market in 2H2010, buoyed by news flow, particularly, from:
(1) The RM36bn KL mass rapid transit (MRT) project;
(2) The RM7bn Ampang and Kelana Jaya light rail transit (LRT) line extension project; and
(3) Federal land deals.
Construction - A “Tactical” Play In A News Flow Driven Market - 5/7/2010
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