Civmec - Maybank Research 2022-10-27: Off To A Good Start

1QFY23 results in line; maintain BUY

• Civmec (SGX:P9D)’s 1QFY23 NPAT jumped 31.3% y-o-y to AUD14.2m on a solid performance across all operating sectors. 1Q earnings account for about 27%/26% of MIBG/consensus’ full-year estimates and are broadly in line with market expectations.
• - Read this at SGinvestors.io -
• We maintain BUY recommendation on Civmec.
• Key re-rating catalysts include higher-than-expected order wins and continued margin expansion.

Ramping up activity on several new projects

• Revenue for the quarter grew 15.6% y-o-y to AUD228.3m, underpinned by increased activity levels and the timing of project revenue recognition. EBITDA margin improved by 0.4ppt to 11.3% with some contracts nearing conclusion, whilst Civmec simultaneously ramped up activity on several new projects.
• - Read this at SGinvestors.io -
• Civmec recently undertook a number of smaller maintenance contracts in the southwest of Western Australia for new clients.

Tendering activity remains robust

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-02-17 Civmec 1HFY25 Results Below Consensus - Near-term Challenging Outlook.

Previous report by Maybank:
2024-10-30 Civmec - Stable Performance; 1QFY25 Results In Line.

Price targets by other brokers at Civmec Target Prices.

Listing of research reports at Civmec Analyst Reports.

Relevant links:
Civmec Share Price History,
Civmec Announcements,
Civmec Dividend Payout Dates & Corporate Actions,
Civmec News