- 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.
- - Read this at SGinvestors.io -
- 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).
- - Read this at SGinvestors.io -
Positive outlook amid buoyant tendering activities.
- Read more at SGinvestors.io.
