- Aztech (SGX:8AZ) reported 2Q24 revenue of S$244.6m, up 7.8% y-o-y and almost double from 1Q24 as the previous quarter was affected by a snowstorm. Net profit increased by 4.2% y-o-y to S$30.8m.
1H24 revenue a tad below expectations, earnings in line.
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- Overall, Aztech's revenue and net profit for 1H24 account for 36%/41% of our forecast. Revenue is slightly below expectation but net profit in line. The split between 1H:2H is usually about 40:60.
Higher dividend declared.
- See Aztech's dividends. An interim dividend of 5 cents was declared, higher than the 3 cents in 1H23. This gives rise to a much higher payout ratio of 83% in 1H24, vs 54% in 1H23.
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Commendable margins.
- 2Q24 net margin of 12.6% is a tad higher than 12.4% in 1Q24 but much stronger than the 11.2% in FY23. This achievement is mainly due to Aztech’s core strengths in R&D, design and engineering.
Increasing offerings to provide integrated manufacturing solutions.
- Read more at SGinvestors.io.
