Civmec - Maybank Research 2023-08-29: Strong Execution; Bigger Final Dividend Surprise

• Civmec (SGX:P9D)'s 2H23 net profit rose 4.4% y-o-y to AUD29.4m, roughly in line with our and market expectations. This took FY23 earnings to AUD57.7m (+13.6% y-o-y) at 103% of MIBG/street’s full-year forecasts.
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Gross profit margin improves across all key sectors

• Civmec's 2H23 revenue fell by 1.9% y-o-y to AUD412m given lumpy timing of project recognition. But overall gross margin expanded by 2.3ppt to 13.9% in 2H23 (1H23: 12.4%; 2H22: 11.6%) due to better workforce utilisation, as well as greater economies of scale.
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Steady orderbook provides good 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