The miss was largely due to higher staff costs, which grew 8% y-o-y, for performance-related bonuses; and other operating expenses, which grew 9% y-o-y due to a combination of business-related costs, such as an increase in report costs, lease expenses, maintenance and commission expenses, IT support fees and forex losses.
CGS International Research analyst Andrea Choong is keeping her “add” call and $1.30 target price on Credit Bureau Asia (SGX:TCU
) (CBA) even after the Mainboard-listed company’s patmi for 2HFY2024 ended Dec 31, 2024 missed her expectations.
On Feb 24, CBA reported 2HFY2024 patmi of $5.4 million, 6% lower h-o-h but 12% higher y-o-y. This was 12% below Choong’s forecasts and FY2024 patmi formed 96% of her full-year estimates.
