- Aztech’s 3Q22 net profit of S$21m (+16% y-o-y/-28% q-o-q) is in line with our forecast despite a fair value loss on a derivative financial instrument of S$15m. IoT devices continued to be a key growth driver, driving revenue growth of 55% y-o-y.
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- Maintain BUY with a 6% higher target price of S$1.05.
Aztech's 3Q22 earnings in line with our expectation.
- Aztech Global (SGX:8AZ)’s 3Q22 net profit of S$20.8m (+16% y-o-y, -28.3% q-o-q) is largely in line with our forecast of S$22m. 9M22 earnings of S$63.7m (+34.2% y-o-y) account for 71% of our 2022 estimate. See Aztech's announcement dated 03 Nov 2022.
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- cost control measures, and
- an increase in interest income due to higher fixed deposit rate.
- However, this was partially offset by the fair value loss on financial derivatives totalling S$15.4m, due to the weakening of renminbi relative to the US dollar.
Orderbook remains stable with three-pronged component management approach for component tightness.
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