Home Capital Broker's Calls

After doubling net profit y-o-y, BRC Asia to recover further: CGS-CIMB

Jovi Ho
Jovi Ho5/13/2022 12:25 PM GMT+08  • 3 min read
After doubling net profit y-o-y, BRC Asia to recover further: CGS-CIMB
The brokerage has upped its TP to $2.50 from $2.10 before.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

BRC Asia is riding on industry tailwinds, with its latest net profit doubling y-o-y, say CGS-CIMB Research analysts Ong Khang Chuen and Kenneth Tan

“BRC's 1HFY2022 net profit rose to $39.8 million (up 108% y-o-y), above expectations at 77% of our FY2022F. Revenue grew 61% y-o-y to $793.3 million on the back of higher deliveries and higher steel prices (up 40% y-o-y),” write Ong and Tan.

Meanwhile, 1HFY2022 gross margins also expanded 0.6% pts y-o-y to 8.7%, due to a net reversal of $1.8 million provision for onerous contracts during the period. BRC proposed an interim dividend of 6 cents, up from 4 cents this time last year, representing 3.6% dividend yield.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now