Dividends also exceeded the analyst’s expectations by 20%, with a full-year dividends per share (DPS) of 3 Australian cents, a 50% y-o-y increase, representing a dividend yield of 4.7%.
UOB Kay Hian analyst John Cheong has maintained his “buy” call for Civmec with an increased target price (TP) of $1.18 from $1.08 previously, with the company’s contract wins and improved margins.
The dual-listed Singaporean-Australian construction engineering company’s FY2022 net profit of A$51 million ($48.7 million), a 47% year-on-year (y-o-y) increase, surpassed Cheong’s expectations by 13% due to robust revenue growth across most sectors and net margin expansion. Civmec’s FY2022 ended in June.
