The group’s 9MFY2024 core net profit formed 68% of the analysts’ and 66% of Bloomberg’s full-year forecasts, to which they note is “slightly below expectations” as the pair had expected “more seasonal strength” in the 2HFY2024.
CGS International analysts Ong Khang Chuen and Kenneth Tan are keeping their “add” call on steel supplier BRC Asia (SGX:BEC
) at a lowered target price of $2.40 from $2.50 previously after the company reported a profit after tax of 51.0% higher y-oy to $34.1 million for the 3QFY2024 ended June 30.
Chuen and Tan note that aside from the $16.5 million gain from the disposal of its associate, BRC’s 3QFY2024 core net profit of $17.6 million was 22% lower y-o-y.
