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

• 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.
• - Read this at SGinvestors.io -

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 SGinvestors.io -
• 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.

• Read more at SGinvestors.io.

Llelleythan Tan UOB Kay Hian Research | Heidi Mo UOB Kay Hian | https://research.uobkayhian.com/ 2023-08-17 SGinvestors.io

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