According to Morgan Stanley's research team Australian listed construction and engineering firms are in for more heartache in 2014

According to Morgan Stanley's research team Australian listed construction and engineering firms are in for more heartache in 2014. They believe there is a risk that management teams within a handful of companies in the segment are still too optimistic about the second half of fiscal 2014 and market recovery leading into the upcoming reporting season. MS single out Monadelphous Group, Leighton Holdings, Transfield Services and UGL as carrying the most risks. Although investors remain bearish towards the industry if these macro headwinds play out as we expect over the next three years, we believe investors may continue to be surprised on the downside. Read more: (VIEW LINK)