- Aztech (SGX:8AZ)'s 3Q25 net profit of S$11m (-21% y-o-y; -26% q-o-q) is in line with our expectations, bringing 9M25 earnings to form 73% of our full-year estimate.
- Revenue and profit declined y-o-y due to muted customer demand. Net margin also saw a decline to 8.1% (-0.1ppt q-o-q) due to higher effective tax rate (19.3% for 3Q25 vs 12.7% for 3Q24).
Healthy net cash position maintained.
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- Net asset value stood at S$0.36/share vs S$0.44/share as at end-24, due to the payment of final and special dividends of S$77.2m in Apr 25.
4Q a seasonally weaker quarter.
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- Aztech is cautiously optimistic about the business environment for the rest of 2025, and remains vigilant of the uncertainty in the macroeconomic, trade, and geopolitical fronts. Barring unforeseen circumstances, the group expects its full-year performance to remain profitable.
Executing customer diversification strategy.
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