BRC Asia - CGS-CIMB Research 2021-12-06: Brighter Outlook For FY22

BRC Asia - Brighter Outlook For FY22

  • Riding on construction recovery, BRC Asia (SGX:BEC) reported a strong set of 4QFY21 results. FY21 (Oct 2020 to Sep 2021) net profit of S$47.0m was 131% higher y-o-y.
  • With easing border restrictions, we expect more inflow of foreign workers in the coming months, which could aid further recovery in construction output.
  • Reiterate ADD call on BRC Asia, with a higher target price of S$2.10, based on 1.53x CY22F P/BV (GGM: ROE 14.6%, cost of equity 9.7%, terminal growth 0.5%).

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

ONG Khang Chuen CFA CGS-CIMB Research | 2021-12-06
SGX Stock Analyst Report ADD MAINTAIN ADD 2.10 UP 1.900

Previous report by CGS-CIMB:
2021-08-05 BRC Asia - Light At The End Of Tunnel?

Check out the most recent target prices at BRC Asia Target Prices. Listing of analyst research reports at BRC Asia Analyst Report.

Relevant links:
BRC Asia Share Price History,
BRC Asia Announcements,
BRC Asia Dividends & Corp Actions,
BRC Asia News Articles


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