Civmec - Maybank Research 2023-05-11: On Track To Deliver

• Civmec (SGX:P9D)'s 3QFY23 (Jan to Mar 2023) NPAT grew 20% y-o-y to AUD14.6m, broadly in line with our and street expectations. This brought 9MFY23 earnings to AUD43m (+23% y-o-y) at 78%/76% of MIBG’s/consensus’ full-year forecasts.
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Margins improving along with better utilisation

• Civmec's 3QFY23 revenue eased 2.7% y-o-y to AUD188m given the lumpy timing of project recognition. That said, EBITDA margin rose 2.7ppt to 14.6% as the group further optimised workforce utilisation.
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Orderbook of AUD1.2b provides clear visibility

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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:
2025-02-17 Civmec 1HFY25 Results Below Consensus - Near-term Challenging Outlook.

Previous report by Maybank:
2024-10-30 Civmec - Stable Performance; 1QFY25 Results In Line.

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 Dividend Payout Dates & Corporate Actions,
Civmec News