BRC Asia - UOB Kay Hian 2023-05-25: Muted 1HFY23 Results In Line With Expectations; No Near-Term Catalysts

BRC Asia - Muted 1HFY23 Results In Line With Expectations; No Near-Term Catalysts

BRC Asia (SGX:BEC) | SGinvestors.ioBRC Asia (SGX:BEC)
  • BRC Asia reported lower 1HFY23 earnings of S$26.2m (-34% y-o-y, -48% h-o-h), dragged by lower project contractual offtake and an unfavourable product mix.
  • Management noted that Singapore’s construction sector is expected to recover from 3QFY23 onwards, backed by easing of the labour shortage and a strong pipeline of upcoming construction projects. However, with no near-term catalysts as well as compressed volumes in 3QFY23, we maintain HOLD on BRC Asia but with a higher target price of S$1.73.

Muted 1HFY23 results.

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  • BRC Asia declared a lower y-o-y 1HFY23 dividend of 5 cents/share, compared with 6 cents/share in 1HFY22, and implies an annualised FY23 yield of around 6%. See BRC Asia's dividend date.

Lower margins cushioned by reversal of onerous contracts.

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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 | 2023-05-25

Read also UOB's most recent report:
2024-04-15 BRC Asia - Strong 1QFY24 Results As Construction Demand Recovers.

Previous report by UOB:
2023-12-12 BRC Asia - Strong Finish Exceeds Expectations; Upgrade To BUY.

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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