- Aztech's FY24 revenue, while slightly below our expectations, resulted in a 3% net profit beat, driven by lower taxes. Pre-tax profit met expectations.
- FY24 revenue fell 30.6% y-o-y to S$621.6m due to lower IoT and data-communication sales in 2H24.
FY24 results broadly in line,
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- Net margin remained stable at 11.3%, vs 11.2% in FY23.
- For 2H24, Aztech's net profit plunged 58% to S$23.9m on the back of the 51% drop in revenue to S$248.4m. Net margin was 9.6%.
- Overall, Aztech's FY24 revenue was 3% below our projection but 9% below consensus, while net profit exceeded our projection by 3% but met consensus.
Special dividend declared.
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New products, new customers.
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