Aztech Global - Maybank Research 2024-11-01: Key Customer Drops Orders; Downgrade To HOLD

• Aztech’s 3Q24 revenue fell 41% to S$166.7m and 13.7m, down 41.2% and 55.7% y-o-y was significantly below ours and consensus estimates mainly due to a drop in order volume received from its key customer in the US. They also expect 4Q24 to likely be slower than 3Q24.
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Key risk activated – key customer orders tanked

• Aztech's 3Q24 revenue decline of 41.2% y-o-y was mainly due to lower orders from its key customer in the US which makes up more than 80% of its revenue. We understand that demand has weakened for its customer which has resulted in the lower orders which Aztech has received.
• - Read this at SGinvestors.io -
• Aztech's management also expected 4Q24 to be slower and FY25 to remain flattish.

Dividends likely to be lowered but still attractive

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-10-17 Aztech - Outlook Improving, But Upside Capped.

Previous report by Maybank:
2025-05-05 Aztech Global - Key Customer Orders Tank.

Price targets by other brokers at Aztech Target Prices.

Listing of research reports at Aztech Analyst Reports.

Relevant links:
Aztech Share Price History,
Aztech Announcements,
Aztech Dividend Payout Dates & Corporate Actions,
Aztech News