Besqab's Q1 earnings were below our expectation. The lower-than-anticipated revenue is due to the absence of housing completions in Q1. In Q4, Besqab's guidance indicated 439 completions in Q1 (seems to have been pushed into Q2 instead). As we interpret it, this explains the deviation. We expect a fairly neutral reaction, despite the large deviation, as it is explainable. We anticipate downward revisions, although they are hard to quantify at this stage.
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