- Aztech’s 2023 net profit of S$100m (+48.8% y-o-y) is 5% above our estimated S$95m, driven by a 9% y-o-y growth in revenue. The higher sales volume of IoT devices led to the boost in 2023 revenue.
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2023 earnings slightly above expectations.
- Aztech Global (SGX:8AZ)’s net profit of S$100m (+48.8% y-o-y) marginally beat our forecast of S$95m by 5%, supported by a 9.3% y-o-y growth in revenue to S$896.3m. This was mainly due to the increase in sales volume of IoT devices and data-communication products from higher customer demand.
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Orderbook remains resilient; new customer acquisitions.
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