- 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 SGinvestors.io -
- Key re-rating catalysts include higher-than-expected order wins and continued margin expansion.
Margins continue to improve with more delivery
- - Read this at SGinvestors.io -
- 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
- 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.ketrade.com.sg/.
Eric Ong Maybank Research | https://www.maybank-ke.com.sg/ 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
