BRC Asia - UOB Kay Hian 2023-08-17: 3QFY23 Results In Line; No Near-Term Catalysts

BRC Asia - 3QFY23 Results In Line; No Near-Term Catalysts

BRC Asia (SGX:BEC) | SGinvestors.ioBRC Asia (SGX:BEC)
  • BRC Asia reported lower 9MFY23 (Oct 2022 to Jun 2023) earnings of S$48.8m (-19% y-o-y), dragged by lower delivery volumes and an unfavourable product mix.
  • 3QFY23 saw a better sequential recovery from the end of the Heightened Safety period. However, due to increased regulations, Singapore’s construction sector is facing a shortage of dormitory beds, affecting construction activities.
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Stable 3QFY23 results.

  • BRC Asia (SGX:BEC) reported 9MFY23 revenue and net profit of S$1,176.9m (-10.1% y-o-y) and S$48.8m (-18.9% y-o-y) respectively, forming 78.8% and 71.5% of our full-year estimates and in line with our expectations.
  • - Read this at -
  • On a sequential basis, 3QFY23 revenue and net profit surged by 22.4% q-o-q and 55.8% q-o-q respectively as construction activity surged from the Heightened Safety period coming to an end.

Margins unlikely to expand further.

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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 | Heidi Mo UOB Kay Hian | 2023-08-17

Read also UOB's most recent report:
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:
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