Yongnam: Citi maintains Buy, with TP $0.31. Note that the southern segment of the 21.5km NSE is expected to be fully underground, which might require the extensive use of struts during construction.
Reiterate view that Yongnam is a proxy for investors looking to participate in the multi-year construction boom arising from LTA’s Land Transport Masterplan. Given YNM’s market leadership in the strutting space, think the NSE (together with Downtown Line 3, Thomson Line and Eastern Region Line) will likely contribute to the group’s comfortable high margin base load of work over the nxt 3-5yrs.
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