Analysts from UOB Kay Hian and Maybank Kim Eng have initiated coverage on Aztech Global, both with “buy” ratings and the same target price of $1.86. 

Maybank’s Lai Gene Lih forecasts a compounded annual growth rate (CAGR) of 23% for the company’s earnings per share from FY2020-2023. This will be driven by Customer A’s existing and new products, as well as from contributions from new customers in the IoT and Datacomm segment.

Lai cites a study by Frost & Sullivan (F&S), which expects the consumer IoT industry to enjoy a CAGR of 23.4% during 2019-2023. 

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