“The underperformance was due to rising operating costs, an unfavourable product mix and Singapore’s heightened safety period dragging down delivery volumes,” the analysts note in their March 10 report.
UOB Kay Hian analysts Llelleythan Tan and John Cheong have downgraded their call on BRC Asia (SGX:BEC
) to “hold” from “buy” previously after BRC’s revenue and net profit for the 1QFY2023 ended Dec 31, 2022, stood below their expectations.
BRC’s net profit for the quarter stood 12.2% lower y-o-y at $11.7 million and at 13.1% of Tan and Cheong’s full year estimates.
