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

  • 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

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Orders still strong, especially from key customers

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Jarick Seet Maybank Research | 2023-02-20

Previous report by Maybank:
2022-11-04 Aztech Global - FX Losses Disrupt Outlook.

Price targets by 2 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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