BRC Asia 2HFY25 - Phillip Securities 2025-12-01: Adjusted PATMI Spiked 36% Y-o-y

• We upgrade BRC Asia (SGX:BEC) to BUY from NEUTRAL, with a higher target price of S$5.10.
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• BRC Asia boasts a strong order book of S$1.9bn, up 36% y-o-y and 42% higher than its 5-year historical order book, due to the S$570mil T5 contracts awarded in 3QFY25.
• We believe steel rebar delivery volumes will continue to ramp over the subsequent quarters as project offtake strengthens, reaching peak volume in 2026-27. Key drivers include HDB BTO buildout, T5 project ramp, and MBS Integrated Resort expansion contracts expected to be tendered to main contractors by year end.

The Positives

Volume expansion drives growth.

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Stronger balance sheet.

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

Previous report by Phillip:
2025-08-22 BRC Asia - Volume Expansion Drives Growth.

Price targets by other brokers at BRC Asia Target Prices.

Listing of research reports at BRC Asia Analyst Reports.

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