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 the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://maybanktrade.com.sg/.
Eric Ong Maybank Research | https://www.maybank-ke.com.sg/ 2022-10-27
Read also Maybank's most recent report:
2024-02-14 Civmec - Delivering The Goods; 1H24 Net Profit Beat.
Previous report by Maybank:
2023-10-31 Civmec - Firmly On Course; 1Q24 Net Profit On Track.
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 Dividends & Corporate Actions,
Civmec News Articles
