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28 March 2022 - Automotive sector: Recovery in Feb22’, a look at potential speed bumps

MRT3 Circle Line has been given the green light by the Prime Minister, earlier than market expectations of 2QCY22. MRT3 will have a length of about 50km, with a circular alignment running along the perimeter of the Kuala Lumpur city. MRT3 could potentially cost RM31.22b in our view, of which RM19.4b is for the underground portion Upgrade recommendation on sector to POSITIVE with our top picks: Gamuda (BUY, TP:RM4.20), IJM Corp (BUY, TP:RM1.90), Sunway Construction (BUY, TP:RM1.80), Gabungan AQRS (BUY, TP:RM0.64) and Malayan Cement (BUY, TP:RM3.00) 

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