BRC Asia - UOB Kay Hian 2025-12-05: Strong FY25 Earnings Supported By Construction Upcycle

• BRC Asia (SGX:BEC) reported FY25 revenue of S$1,553m (+5% y-o-y) and earnings of S$94m (+1% y-o-y), representing 98% and 108% of our full-year forecasts respectively. Top-line growth was largely attributed to stronger project offtakes in 2H25, with revenue growing 16% y-o-y to S$837m.

Earnings better than expected.

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• BRC Asia’s orderbook remains strong at S$1.9b, supported by major projects including Changi Airport Terminal 5 substructure. While spanning five years, most work is expected to complete within three years, providing earnings visibility, cost advantage, and improved procurement. This positions BRC Asia to defend margins amid steel price volatility. Execution risk remains, but its sizeable orderbook underpins sustained growth in the coming years.

Stable dividends.

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Improving balance sheet position.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2025-09-05 BRC Asia - Good Proxy To Rising Construction Activity; Upgrade To BUY with 43% Higher Target Price.

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