- 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.
- - Read this at SGinvestors.io -
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.
- - Read this at SGinvestors.io -
- 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.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | https://research.uobkayhian.com/ 2023-02-21
Read also UOB's most recent report:
2023-08-31 Aztech Global - Touring Aztech’s Manufacturing Facility In Dongguan.
Previous report by UOB:
2023-07-24 Aztech Global - 2Q23 Earnings Slightly Above Expectations; Cautiously Optimistic 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
