BRC Asia's 1QFY2024 earnings of $17.1 million, up 46.5% y-o-y, came in above the expectations of Tan and Mo. Revenue in the same period was up 17% y-o-y, despite a seasonally slow quarter.
UOB Kay Hian analysts Llelleythan Tan Yi Rong and Heidi Mo in their April 15 note have kept their "buy" call for BRC Asia (SGX:BEC
) .
As the steel supplier is seen to enjoy steady earnings growth thanks to an improving construction sector coupled with a generous dividend yield of 9%, they have raised their target price from $2.07 to $2.42.
