- 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 -
- - Read this at SGinvestors.io -
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://www.maybanktrade.com.sg/.
Jarick Seet Maybank Research | https://www.maybank-ke.com.sg/ 2023-02-20
Read also Maybank's most recent report:
2024-11-01 Aztech Global - Key Customer Drops Orders; Downgrade To HOLD.
Previous report by Maybank:
2024-07-31 Aztech Global - Attractive Yield Of 9.8%.
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
