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%.