For 1QFY2024, the steel supplier reported a profit of $17 million, a 47% y-o-y increase but a 36% q-o-q decline. This came on the back of a recovery in volume from the low base in the year before. The higher profit also came from the absence of losses from its 17%-owned Maldives hotel assets and lower interest expenses.
PhillipCapital has downgraded its call on BRC Asia (SGX:BEC
) from “buy” to “accumulate” at an unchanged target price of $1.99, following the company’s 1QFY2024 ended Dec 31, 2023 earnings and its subsequent price gain.
The discounted cash flow (DCF) target price generates an “attractive” return on equity (ROE) of 18.6% and delivers a dividend yield of 8.2% in FY2024, says analyst Peggy Mak in her Feb 13 report.
