We believe that the end of the heightened safety period (HSP) in May 23 removed a key overhang for BRC. BRC has already observed a general acceleration in the progress of local construction post the HSP. However, intermittent periods of downtime due to safety concerns and resource constraints will remain. Additionally, higher electricity, manpower, and financing costs could exert some pressure on margins in the construction industry, which may eventually flow through to BRC Maintain BUY, with higher TP of S$2.00 (vs. S$1.89 previously). Maintain BUY, with higher TP of S$2.00 (vs. S$1.89 previously). We rollover our valuations to FY24 and maintain our PE peg of 8x, which is slightly above +0.5SD of the historical mean. Accelerating site progress across construction sites should continue to drive sales volumes.