BRC’s financial performance fell short of Tan and Mo’s expectations. Its 9MFY2024 revenue of $1.14 billion and core net profit of $56.1 million came in at 65.8% and 63.3% of their full-year estimates respectively. BRC’s 9MFY2024 revenue fell by 3.1% y-o-y while its core net profit, which excluded a $16.5 million gain from the disposal of its Maldives associate, rose by 15.0% y-o-y.
UOB Kay Hian (UOB) analysts Llelleythan Tan and Heidi Mo have downgraded BRC Asia (SGX:BEC
) (BRC) to “hold” from “buy” as they see the stock as being “fully valued” at its current share price. As at Tan and Mo’s report on Sept 10, BRC Asia was trading at $2.29.
Referring to BRC’s results for 3QFY2024 and 9MFY2024 ended June 30, the analysts note that the 3Q yielded a “soft” set of results that dragged its performance for the nine-month period.
