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

Published:
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.

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

  • 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 | https://research.uobkayhian.com/ 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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