- Civmec (SGX:P9D)'s 1HFY24 PATMI of AUD31.9m (+12.9% y-o-y) was slightly above our and market expectations, at almost 53%/52% of MIBG/street’s full-year forecasts.
- Notably, Civmec sustained its order book at over AUD1b as at end-Dec 2023, while its balance sheet continues to strengthen with improved net cash position of AUD83.1m (or about AUD0.16 per share).
- - Read this at SGinvestors.io -
Generates robust operating cash flows
- 1HFY24 turnover of AUD492.3m (+17.5% y-o-y) came in better-than-expected, mainly due to uneven timing of revenue recognition on new projects. However, EBITDA margin narrowed marginally by 0.5ppt to 12.1% as administrative expenses jumped 41.9% y-o-y to AUD14.2m from a rise in employee benefits and consultant fees.
- - Read this at SGinvestors.io -
- Civmec’s net cash from operation improved 47.8% to AUD99.4m in 1H24, a conversion rate of 167% compared to EBITDA of AUD59.6m.
Maintaining orderbook at above AUD1b
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://maybanktrade.com.sg/.
Eric Ong Maybank Research | https://www.maybank-ke.com.sg/ 2024-02-14
Previous report by Maybank:
2023-10-31 Civmec - Firmly On Course; 1Q24 Net Profit On Track.
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
