- Aztech’s 1Q23 earnings after excluding S$3.1m forex impact is S$16.5m (+19% y-o-y) and this is largely in line with our forecast, forming 16% of our full-year estimate.
- IoT devices continued to be a key growth driver, driving revenue growth of 26% y-o-y. Aztech's orderbook remains healthy at S$662m as of 4 May 23, of which majority are planned for completion in 2023.
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Aztech's 1Q23 earnings largely in line with our expectation; respectable core earnings growth of 19% y-o-y.
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- The negative forex impact was mainly due to stronger local currencies at operating locations. IoT devices and data-communication products continued to be a key growth driver, driving revenue growth of 26% y-o-y. Excluding the forex impact, Aztech’s performance benefitted from revenue growth efficiency gains and higher interest income.
Orderbook remains strong with multi-pronged component management approach for component tightness.
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