Construction Sector – Strong into next phase
Posted: Jul 16, 2025
- We expect 2025 to be a pivotal year in the 2025–2030 mid-term public investment cycle, with the main growth driver stemming from the resolution of legal and institutional bottlenecks to accelerate project implementation.
- The construction and building materials sector (including steel and construction stone) is expected to benefit significantly from robust domestic demand, driven by key national projects.
- We recommend VCG, HHV, HPG, and HSG as top picks for the infrastructure construction sector in the 2025–2026 period, thanks to: (1) Strong earnings growth supported by the recovery of the construction market; (2) Attractive valuations amid the sector’s growth cycle.
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