- Aztech Global (SGX:8AZ)’s 2Q24 net profit of S$31m (+4% y-o-y; +94% q-o-q) is largely in line, bringing 1H24 to form 42% of our full-year estimate. 1H typically forms around 40% of full-year earnings.
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Orderbook remains healthy.
- Aztech's orderbook fell 33% to S$304m as at 30 Jul 24 vs S$456m as at 23 Apr 24. Order lead time has normalised to around three months after the COVID-19 pandemic, and majority of the orderbook is scheduled for completion in 2024.
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Higher interim dividend of 5.0 cents proposed
- Aztech also declared a dividend of 5.0 cents per share, a 67% increase from 3.0 cents per share in 1H23. This amounts to S$39m or about 83% payout ratio (vs 54% in 1H23). See Aztech's dividend dates.
- To recap, Aztech targets at least 30% dividend payout ratio.
Cautiously optimistic on 2024 business outlook.
- Read more at SGinvestors.io.