BRC Asia - UOB Kay Hian 2023-03-11: Weak 1QFY23 Results From Ongoing Headwinds; Downgrade To HOLD

BRC Asia - Weak 1QFY23 Results From Ongoing Headwinds; Downgrade To HOLD

  • BRC Asia (SGX:BEC) reported lower 1QFY23 revenue (-4.5% y-o-y) of S$341.2m and net profit of S$11.7m (-12.2% y-o-y), both below our expectations. The underperformance was due to rising operating costs, an unfavourable product mix and Singapore’s Heightened Safety period dragging down delivery volumes.
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BRC Asia reported weak 1QFY23 results, below expectations.

  • Despite 1QFY23 (Oct to Dec 2022) being a seasonally slow quarter, BRC Asia reported weak 1QFY23 net profit of S$11.7m (-12.2% y-o-y, -61.0% q-o-q), forming 13.1% of our full-year estimates and below our expectations.
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  • BRC Asia's 1QFY23 gross (-0.5ppt y-o-y, -5.5ppt q-o-q) and net margins (-0.3ppt y-o-y, -4.3ppt q-o-q) fell respectively.

Insignificant reversal of provisions.

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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 @

Llelleythan Tan UOB Kay Hian Research | John Cheong UOB Kay Hian | 2023-03-11

Read also UOB's most recent report:
2023-08-17 BRC Asia - 3QFY23 Results In Line; No Near-Term Catalysts.

Previous report by UOB:
2023-05-25 BRC Asia - Muted 1HFY23 Results In Line With Expectations; No Near-Term Catalysts.

Price targets by 2 other brokers at BRC Asia Target Prices.

Listing of research reports at BRC Asia Analyst Reports.

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


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