Aztech Global - Maybank Research 2023-05-05: Revenue Growth Encouraging; But Lowering Target Price due To Costs

• Aztech (SGX:8AZ)'s 1Q23 earnings of S$13.4m were disappointing, hit by higher operating costs. On the bright side, revenue grew 26.3% y-o-y to S$161.6m, driven by strong demand from its key customer.
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• Aztech's FY23E EPS is still likely to increase 33% y-o-y, which would be quite positive. Maintain BUY.

Hit by lower margins…

• Despite Aztech's 1Q23 revenue rising 26.3% y-o-y to S$161.6m, NPAT fell 3.6% y-o-y to S$13.4m due to lower margin caused by higher operating costs and a S$3.1m FX loss.
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…but key customer orders remain strong

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Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-10-17 Aztech - Outlook Improving, But Upside Capped.

Previous report by Maybank:
2025-05-05 Aztech Global - Key Customer Orders Tank.

Price targets by other brokers at Aztech Target Prices.

Listing of research reports at Aztech Analyst Reports.

Relevant links:
Aztech Share Price History,
Aztech Announcements,
Aztech Dividend Payout Dates & Corporate Actions,
Aztech News