- BRC Asia's 1QFY25 revenue/PATMI were within expectations at 22%/22% of our FY25e forecast. Revenue declined by 12% y-o-y due to an estimated 9% y-o-y fall in steel prices and Safety Time-Out (STO) in November 2024. PATMI increased 14% y-o-y, which was impacted by major project delays.
- - Read this at SGinvestors.io -
- BRC Asia's share price trades at an attractive FY25e dividend yield of 6.2%. There is no change to our revenue/PATMI estimates.
The Positives
Record order book.
- - Read this at SGinvestors.io -
- With Terminal 5 beginning construction in the first half of 2025, expansion of the Integrated Resort, and ongoing public housing and MRT projects, we expect strong revenue growth within the next 3 years.
The Negative
Headwinds from lower steel rebar prices.
- Read more at SGinvestors.io.
