Civmec - UOB Kay Hian 2023-04-05: Secured Contracts In The Green Energy Space & More Maintenance Works

Civmec - Secured Contracts In The Green Energy Space & More Maintenance Works

  • Civmec (SGX:P9D) has won around A$100m worth of contracts for three blue chip customers, including an expansion project for Albermale Lithium, the world’s biggest lithium producer which has supply agreements with major EV makers.
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  • Civmec’s orderbook has increased around 2% to A$1.2b since the last update in Feb 23, indicating good earnings prospects. Maintain BUY. Target price: S$1.10.

Civmec secured 3 new contracts for Albermale Lithium, the world’s largest lithium producer on 30 Mar 23.

  • See Civmec's announcement dated 30 Mar 2023 – The 3 contract packages that Civmec won include:
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    2. civil works encompassing detailed earthworks and concrete works at the site which will require over 25,000 cubic metre of concrete, and
    3. manufacturing of eight kilns or big ovens, ranging in length from 33 to 56 metres.
  • The kilns have a total combined weight of approximately 900 tonnes. These contracts are for the fifth lithium project that Civmec has been involved in, demonstrating that it is making headway in the green energy sector.
  • In addition, we believe Albermale Lithium is a good blue chip customer, given its strength as the world’s biggest lithium producer which supplies lithium to Tesla and other automakers.

Australia government expects lithium exports to grow almost fourfold to A$19b in 2028.

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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 @

John Cheong UOB Kay Hian Research | 2023-04-05

Read also UOB's most recent report:
2023-08-30 Civmec - Dividend Beats Expectation By 25%; Tendering Activities Remain Strong.

Previous report by UOB:
2023-05-24 Civmec - Robust Earnings Growth Of 20%; Laggard Vs Singapore O&G Peers.

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


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