Civmec - UOB Kay Hian 2023-08-30: Dividend Beats Expectation By 25%; Tendering Activities Remain Strong

Civmec - Dividend Beats Expectation By 25%; Tendering Activities Remain Strong

Civmec (SGX:P9D) | SGinvestors.ioCivmec (SGX:P9D)
  • Civmec's FY23 earnings of A$57.7m (+13.7% y-o-y) are slightly above expectations, forming 103% of our full-year estimate. This was driven by higher gross profits across all sectors, leading to a 0.6ppt y-o-y expansion in net margin.
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  • Civmec continues to see strong tendering activities across all sectors and we expect its robust orderbook to drive further growth. Maintain BUY with a target price of S$1.23.

FY23 results in line with expectations; revenue growth across most sectors with strong net margin expansion.

  • Civmec (SGX:P9D)’s FY23 earnings of A$57.7m (+13.7% y-o-y) are in line, forming 103% of our full-year forecast. Revenue rose 2.7% y-o-y to A$830.9m, mainly due to higher y-o-y contributions from the energy and resources segments of 42.3% and 7.6% respectively, offset by the 26.2% y-o-y fall in revenue from the infrastructure, marine and defence segments (13% of FY23 revenue).
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Positive outlook amid buoyant tendering activities.

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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 @

John Cheong UOB Kay Hian Research | 2023-08-30

Read also UOB's most recent report:
2024-06-21 Civmec - Positive Developments For Change Of Domicile; Multiple Potential Benefits.

Previous report by UOB:
2024-05-28 Civmec - 3QFY24 Results In Line With Expectations; Record-Breaking Quarter.

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 Dividends & Corporate Actions,
Civmec News Articles


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