BRC Asia - UOB Kay Hian 2023-12-12: Strong Finish Exceeds Expectations; Upgrade To BUY

BRC Asia - Strong Finish Exceeds Expectations; Upgrade To BUY

BRC Asia (SGX:BEC) | SGinvestors.ioBRC Asia (SGX:BEC)
  • BRC Asia reported lower FY23 earnings of S$76m (-16% y-o-y), dragged by the heightened safety period in 1HFY23. However, FY23 earnings were still above our expectation, driven by a robust 4QFY23 as gross margins expanded.
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Strong 4QFY23 results.

  • BRC Asia (SGX:BEC) reported lower FY23 revenue and PATMI of S$1,627m (-4% y-o-y) and S$75.7m (-16% y-o-y) respectively, forming 97% and 111% of our full-year estimates and above our expectations. Excluding a one-off S$7.8m loss on its Maldives resort investment, PATMI would have formed 122% of our full-year forecast.
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Another special dividend.

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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 | 2023-12-12

Previous report by UOB:
2023-08-17 BRC Asia - 3QFY23 Results In Line; No Near-Term Catalysts.

Price targets by other brokers at BRC Asia Target Prices.

Listing of research reports at BRC Asia Analyst Reports.

Relevant links:
BRC Asia Share Price History,
BRC Asia Announcements,
BRC Asia Dividends & Corporate Actions,
BRC Asia News Articles


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