- BRC Asia's 1HFY25 revenue/PATMI were within expectations at 44%/47% of our FY25e forecast. 2QFY25 revenue increased 1.9% y-o-y due to a recovery in delivery tonnage, which offset a ~14% y-o-y fall in steel prices.
- - Read this at SGinvestors.io -
- Volume of steel delivery is supported by elevated order book levels which consists of Singapore’s major construction projects. Order book is maintained at record levels of S$1.5bn, a 15% y-o-y increase.
- BRC Asia's share price trades at an attractive FY25e dividend yield of ~5.8%.
The Positives
Revenue shows signs of recovery.
- - Read this at SGinvestors.io -
- With rising construction demand in Singapore, we believe BRC Asia can experience further delivery tonnage expansion in the coming quarters.
PATMI increased 9.2% y-o-y in FY1H25.
- Read more at SGinvestors.io.
