The research house said the group's results, due to be released on Nov 25, are expected to lead into a strong second half of the year.
"We expect the growth in tower leases, site maintenance and green energy (solar business) to offset the weakness in fiberisation revenue.
"The relaxation of lockdown measures since early June saw stronger contracting revenues, although revenue intensity continues to be below that a year ago," it said.
However, RHB lowered its core earnings forecasts for FY20-22 by 4% to 8% on potential risks associated with project implementation delays in 4Q20 due to the conditional movement control order, the lockdown in Sabah and the deferment of 5G capex.
The research house reiterated its "buy" call on OCK with a lower target price of 63 sen, from 68 sen previously, which represents 57% upside to Thursday's last traded price.