- BRC Asia provided 3QFY25 update with limited financials. 9M25 revenue/PATMI were within expectations, at 70%/71% of our FY25e forecasts. 3QFY25 revenue/adj PATMI increased 7%/24% y-o-y, driven by an estimated 22% y-o-y increase in steel volume delivered in 3QFY25.
- - Read this at SGinvestors.io -
- With about 60% market share in steel rebar in Singapore, we believe BRC Asia can secure more contracts with the rising construction demand in Singapore.
The Positives
Record order book.
- - Read this at SGinvestors.io -
- The S$2bn order book will last up to five years, but we believe most of the orders would complete within the next three years due to the construction cycle.
Volume growth offsets the drop in steel rebar prices.
- Read more at SGinvestors.io.
