Aztech - Maybank Research 2025-10-17: Outlook Improving, But Upside Capped

• Aztech (SGX:8AZ)'s 3Q25 revenue of S$133.5m and NPAT of S$10.8m was slightly better than our estimates. Aztech secured 22 new products and added 11 new customers with 5 new products to start production in 4Q25. It has also right-sized its China and Malaysian factories for better efficiency.

11 new customers.

• - Read this at SGinvestors.io -

Right-sizing capacity.

• Management’s been active in right-sizing its manufacturing capacity. It sold the factory in Dongguan, China for S$7.3m and leased it back. It also sold the Gelang Patah facility in Johor, Malaysia for S$8.7m. Both sales are expected to be completed by 4Q25.

Outlook slightly better.

• - Read this at SGinvestors.io -
• We do not expect revenue and profitability to recover to FY23 levels anytime in the near future.

Maintain HOLD, raise target price to S$0.61.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Previous report by Maybank:
2025-05-05 Aztech Global - Key Customer Orders Tank.

Price targets by other brokers at Aztech Target Prices.

Listing of research reports at Aztech Analyst Reports.

Relevant links:
Aztech Share Price History,
Aztech Announcements,
Aztech Dividend Payout Dates & Corporate Actions,
Aztech News