Alliance Steel (pic) has a massive capacity of 3.5 million tonnes, which would cap upside for long steel prices. Hence, Kenanga Research keeps its underperform” call and target price of 50 sen for Ann Joo unchanged.
PETALING JAYA: Optimism is returning to the building materials sector with the likelihood that the government will push plans for large-scale infrastructure spending to pump-prime the economy.
The revival of mega infrastructure projects would be a positive catalyst for the building materials sector as it would boost steel demand and see a recovery in prices of aluminium moving into 2021, said Kenanga Research.
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