Civmec - UOB Kay Hian 2023-05-24: Robust Earnings Growth Of 20%; Laggard Vs Singapore O&G Peers

• Civmec’s 3QFY23 (Jan to Mar 2023) earnings of A$15m (+20% y-o-y) is in line. 9MFY23 formed 77% of our full-year estimate. 3QFY23 net margin grew 1.5ppt y-o-y. The strong improvement in net margin was driven by delivery of higher-return projects. Civmec continues to see strong tendering activity across all sectors.
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3QFY23 results inline with expectation; earnings up 20% y-o-y with strong net margin xpansion.

• Civmec (SGX:P9D)’s 3QFY23 earnings of A$15m (+20% y-o-y) is in line, with 9MFY23 accounting for 77% of our full-year estimate. 3QFY23 revenue fell 3% y-o-y to A$188m, but net margin grew 1.5ppt y-o-y to 7.8%. Orderbook is maintained at around A$1.2b.
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Outlook remains robust.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-02-17 Civmec - Soft Outlook In The Near Term But Positive In The Medium Term.

Previous report by UOB:
2024-10-22 Civmec - Multiple Tailwinds From A Potential Improvement In Demand & Currency.

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