Aztech Global - Maybank Research 2022-11-04: FX Losses Disrupt Outlook

• Aztech (SGX:8AZ) reported a decent 3Q22, with revenue and NPAT rising 71.8% and 15.6% y-o-y, but both came in below our estimates, mainly due to a S$15.4m FX hedge fair value loss on the weakening of the RMB to the US$.
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• We expect a strong 4Q22E core on a robust order book of S$820.5m (as of 3 Nov 2022) but it might be dragged down by further FX losses. As a result, we cut our FY22E PATMI forecast for Aztech by 7.5% to reflect FX losses, resulting in a 5% lower target price of S$0.79 based on 7x FY22E P/E.

Aztech's FX loss likely to continue in 4Q22E

• - Read this at SGinvestors.io -

Management does not see signs of slowdown

• 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:
2025-04-11 Aztech Global - Tariffs! Downgrade To HOLD. .

Previous report by Maybank:
2025-02-26 Aztech Global - Diversifying To New Customers, Upgrade To BUY. .

Price targets by 3 other brokers at Aztech Target Prices.

Listing of research reports at Aztech Analyst Reports.

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