BRC Asia - Phillip Securities 2024-08-23: Supply Chain Bottlenecks Impacted Revenue

• 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 an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-12-01 BRC Asia 2HFY25 - Adjusted PATMI Spiked 36% Y-o-y.

Previous report by Phillip:
2025-08-22 BRC Asia - Volume Expansion Drives Growth.

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 Dividend Payout Dates & Corporate Actions,
BRC Asia News