Construction sector: Compelling Valuation Amid Public Investment Acceleration
Posted: Mar 19, 2026
- 1Q26 earnings of construction contractors are expected to improve, supported by revenue growth and margin expansion. Net profit is projected to rise sharply for CTD and CII (+111% and +233% YoY), while VCG and HHV may see moderate increases of 21% and 13% YoY.
- In 2026, accelerated public investment disbursement and a recovery in civil construction are expected to underpin earnings growth for contractors and BOT operators such as CTD, CII, and HHV, while VCG’s profit may decline due to the absence of divestment gains.
- Amid favorable industry conditions and attractive valuations, we expect emerging investment opportunities in the construction sector. We maintain a Positive outlook on CTD, CII, and HHV.
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