- Aztech’s 2022 net profit of S$67m (-10% y-o-y) missed our forecast of S$86m by 22% due to a fair value loss on derivative financial instruments of S$57m.
- IoT devices continued to be a key growth driver, driving revenue growth of 31% y-o-y. Orderbook remained healthy at S$719m as of 17 Feb 23, of which all are planned for completion in 2023.
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Aztech's 2022 earnings below our expectation.
- Aztech Global (SGX:8AZ)’s net profit of S$67m (-10% y-o-y) missed our forecast of S$86m by 22% due to a fair value loss on a derivative financial instrument of S$57m, which was adopted as a hedge against the US$/CNY. Excluding the fair value loss, 2022 net profit would have grown 66% to S$124m. See Aztech's announcement dated 17 Feb 2023.
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- Excluding the fair value loss, Aztech’s performance benefitted from productivity and operational efficiency gains, while cost control measures and increased interest income contributed to better performance.
Final dividend declared.
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