Aztech Global - Maybank Research 2023-02-20: Positive Outlook Despite Speed Bump; Upgrade To BUY

Aztech Global - Positive Outlook Despite Speed Bump; Upgrade To BUY

Published:
AZTECH GLOBAL LTD. (SGX:8AZ) | SGinvestors.ioAZTECH GLOBAL LTD. (SGX:8AZ)
  • Aztech reported a dismal FY22, mainly due to a FX contract loss of S$56.6m which caused net profit after tax (NPAT) to drop 9.7% y-o-y to S$67.2m, way below our and consensus estimates.
  • On the bright side, Aztech's core business remains strong with its main customer (<80% of orderbook) expected to place 15- 20% more orders in FY23E as it continues to benefit from the diversification trend away from China. As a result, we think the worst is over and raise our FY23E and 24E NPAT forecast for Aztech by 10.4% and 12.4% due to stronger orders despite the current macro environment.

All FX losses accounted for in FY22

  • - Read this at SGinvestors.io -
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Orders still strong, especially from key customers

  • 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/.




Jarick Seet Maybank Research | https://www.maybank-ke.com.sg/ 2023-02-20



Read also Maybank's most recent report:
2024-02-23 Aztech Global - Still Positive FY24 Prospects.

Previous report by Maybank:
2023-10-31 Aztech Global - Solid 3Q23; Maintain BUY & Raise Target Price.

Price targets by other brokers at Aztech Target Prices.

Listing of research reports at Aztech Analyst Reports.

Relevant links:
Aztech Share Price History,
Aztech Announcements,
Aztech Dividends & Corporate Actions,
Aztech News Articles





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