DBS Group Research analysts Ling Lee Keng and Chung Wei Le have initiated coverage on Aztech Global with a ‘buy’ call and target price of $1.85, representing 34% upside.

The analysts are bullish on Aztech’s prospects within the Internet of Things (IoT) market, citing Frost & Sullivan research that projects the global IoT industry to grow at a compound annual growth rate (CAGR) of 20.8% between 2019 to 2023.

Ling and Chung are also positive on Aztech’s net margins which exceed 10% and are above industry average. They point out that strong growth, increased efficiency and new products enable Aztech to increase net margin to 11.5% for FY2020 ended December despite Covid-19.

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