CGSI increases Credit Bureau Asia’s TP to $1.30 after 1HFY2024 patmi came above expectations

CGS International analyst Andrea Choong has kept her “add” call on Credit Bureau Asia (SGX:TCU) (CBA) after the company’s 1HFY2024 ended June earnings of $5.9 million stood above her expectations.

At 15% higher on a h-o-h basis and 25% up on a y-o-y basis, Credit Bureau Asia’s bottomline stood 11% above Choong’s estimates, forming 55% of her full-year numbers. “The beat came from lower-than-expected staff costs (-10% h-o-h, +1% y-o-y), which normalised following the payout of staff incentives in 2HFY2023,” says Choong in her Aug 13 report.