- Aztech’s 2Q23 earnings after excluding a S$7.9m forex impact was S$21.6m (-20% y-o-y/+31% q-o-q) and this is slightly above our forecast, with 1H23 forming 42% of our full-year estimate. IoT devices continued to be a key growth driver, driving revenue growth of 7.3% y-o-y in 1H23.
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- Maintain BUY and target price of S$1.00.
Aztech's 2Q23 earnings slightly above expectations; respectable core earnings growth of 31% q-o-q.
- Aztech Global (SGX:8AZ)’s 2Q23 net profit after adjusting for S$7.9m of forex gain was S$21.6m (-20% y-o-y/+31% q-o-q); this is above our forecast of S$20m, with 1H23 forming 42% of our full-year estimate. 1H typically forms around 40% of full-year earnings.
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Orderbook remains strong; declared 3.0 cents interim dividend.
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