- BRC Asia (SGX:BEC)'s 3Q24 results were below expectations. Revenue and adjusted PATMI were 66%/67% of our FY24e forecast. Adjusted PATMI declined 22% y-o-y to S$17.6mil. Approval delays, from engineering to infrastructure, have hampered project deliveries. Headline results include a S$16.5mil gain from the disposal of associate Pristine for S$18.5mil (equity plus shareholder loan). Note that limited financials were provided in the 3Q24 update.
- - Read this at SGinvestors.io -
- BRC Asia's share price trades at an attractive 6% dividend yield, P/E of 7.8x, and high % ROEs of 1%. Maintain ACCUMULATE with an unchanged target price of S$2.27.
The Positives
Robust order book & margins.
- - Read this at SGinvestors.io -
The Negative
Decline in revenue.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2024-08-23
Read also Phillip's most recent report:
2024-11-27 BRC Asia - Top-line Headwinds But Recovery In Sight.
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
