Civmec - Maybank Research 2023-02-09: Delivering The Goods

Civmec - Delivering The Goods

  • Civmec's 1HFY23 (Jul-Dec 2022) PATMI rose 25% y-o-y to AUD28.2m, beating our and market expectations at 54%/52% of MIBG’s/consensus’ full-year estimates.
  • To our positive surprise, Civmec doubled its interim dividend to AUD0.02 on the back of strong cash flow.
  • - Read this at -
  • Key re-rating catalysts include higher-than-expected order wins and continued margin expansion.

Margins continue to improve with more delivery

  • - Read this at -
  • We think margins should remain firm along with greater economies of scale, as well as higher contribution from maintenance & capital works. Currently, this segment accounts for less than 20% of overall revenues.
  • In the mid-long-term, Civmec aims to grow its recurring income to ~40%, with the remaining 60% from projects.

Growing orderbook to provide visibility

  •

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

Eric Ong Maybank Research | 2023-02-09

Read also Maybank's most recent report:
2023-08-29 Civmec - Strong Execution; Bigger Final Dividend Surprise.

Previous report by Maybank:
2023-05-11 Civmec - On Track To Deliver.

Price targets by other brokers at Civmec Target Prices.

Listing of research reports at Civmec Analyst Reports.

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


You May Also Like

SGX Stock / REIT Search


Most Read

Trust Bank God Of Fortune Referral Code PGKPSWAE Trust Bank Referral Code 🎁