PC1 – Update – 20180314

PC1 saw weak performance in 2017 due to drop in both electrical engineering and industrial construction segments as well as due to the absence of real estate revenue. However, as the reduction was caused by one-off events results, we maintain our bullish view on the prospects. We keep our target price unchanged but re-rate the stock to ADD because of the recent slide in price which we view as just a knee-jerk reaction to 2017 results.

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