BRC Asia - UOB Kay Hian 2024-12-05: FY24 Soft Results In Line; Better Outlook Ahead

• Despite its attractive 7.5% dividend yield, we opine that BRC Asia is fully valued at current levels.
• Moving forward, a robust orderbook coupled with a potential recovery in the steel market bodes well for BRC Asia.

Results within our expectations...

• - Read this at SGinvestors.io -
• The slight underperformance in top-line revenue was largely due to a fall in steel prices (which have dropped around 10% year-to-date), coupled with engineering delays that have hindered project completion.
• - Read this at SGinvestors.io -
• Based on our estimates, without the one-off gain, BRC Asia's FY24 PATMI would have grown by 2-3% y-o-y. As a result, FY24 gross (+1.9ppt y-o-y) and PATMI margin (+1.6ppt y-o-y) were higher y-o-y.

…dragged by a weak quarter.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-03-07 BRC Asia - Soft 1QFY25 Results As Margins Compress.

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