- BRC Asia reported higher 1QFY24 revenue (+17.0% y-o-y) of S$399.2m and net profit of S$17.1m (+46.5% y-o-y), slightly above our expectations. The outperformance was largely driven by the ongoing recovery in domestic construction demand coupled with the absence of Singapore’s Heightened Safety period.
- - Read this at SGinvestors.io -
Strong 1QFY24 results, slightly above expectations.
- Despite 1QFY24 being a seasonally slow quarter, BRC Asia (SGX:BEC) reported higher
- 1QFY24 revenue (+17.0% y-o-y) and gross profit (+51.3% y-o-y), forming 24.4% and 25.5% of our full-year forecasts respectively.
- - Read this at SGinvestors.io -
Margin expansion.
- BRC Asia's 1QFY24 gross (+2.0ppt y-o-y) and net margins (+0.9ppt y-o-y) expanded respectively which we reckon was driven by higher volumes and utilisation rate coupled with some net reversal of provision for onerous contracts due to moderating steel prices.
- As a recap, BRC Asia still had around S$13.5m of provisions on its balance sheet at end-4QFY23.
Orderbook strong via dominant market share.
- Read more at SGinvestors.io.
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 @ https://www.utrade.com.sg/.
Llelleythan Tan UOB Kay Hian Research | Heidi Mo UOB Kay Hian | https://research.uobkayhian.com/ 2024-04-15
Read also UOB's most recent report:
2024-09-10 BRC Asia - Soft 3QFY24 Results; Expect A Strong Finish To FY24.
Previous report by UOB:
2024-06-12 BRC Asia - Strong Results 1HFY24 As Margins Expand.
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