From the Q1 QR, revenue was flat but earnings fell by half - mainly due to SWM. With the upcoming election, it's unlikely that there will be rate revisions because it will make the government unpopular so SWM will likely continue to bleed. Sg Rasau Package 2 is only 39% completed and Package 3 19%, so there might be further delays. Grand Saga highway also facing competition from the new EKVE. Dividend has been cut from 0.0075 in Q4 to 0.0025 - if maintained, DY is barely 2.5%.

Dropped due to dividends falling from 6.6c to 2.25c, caused by the huge CAPEX required for the Sg Rasau project - expected to complete in Q1 2027. Taliworks' business is mainly water treatment, highway operation, waste management and solar farm, which is not affected by the war. Once Sg Rasau project is completed, cash flow will normalize, dividends go back up and so will the share price. At the current price of 0.42 and if dividend goes back up to 0.04 in 2027, the yield will be 9.5%!