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

Published:
BRC ASIA LIMITED (SGX:BEC) | SGinvestors.ioBRC ASIA LIMITED (SGX:BEC)
  • 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.
  • - Read this at SGinvestors.io -

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.
  • - Read this at SGinvestors.io -
  • 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.

  • 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/.




Llelleythan Tan UOB Kay Hian Research | John Cheong UOB Kay Hian | https://research.uobkayhian.com/ 2023-03-11



Read also UOB's most recent report:
2024-06-12 BRC Asia - Strong Results 1HFY24 As Margins Expand.

Previous report by UOB:
2024-04-15 BRC Asia - Strong 1QFY24 Results As Construction Demand Recovers.

Price targets by 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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