The SGX-listed Aztech Global Limited (SG:8AZ) has recently received bullish reviews from analysts after delivering record numbers in its Q3 2023 earnings report. Over the last three days, three analysts have confirmed their Buy ratings on the stock, predicting a solid upside for the share price. Overall, on TipRanks, the stock has received a Strong Buy rating based on all four Buy recommendations.
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The positive analysts’ sentiments were mainly due to the company’s robust performance in the third quarter of 2023. The company reported nearly 49% growth in Q3 net profits of S$30.9 billion, achieving a quarterly record number. The earnings growth was driven by higher revenues, cost efficiency, and favourable foreign exchange contracts. Revenue grew by almost 17% to S$283.4 million. Despite tougher business conditions, the company’s order book stood at S$322.7 million, reflecting stable demand for its IoT (internet of things) solutions.
Aztech Global is a manufacturing company that provides IoT devices, data communication, and LED lighting products. The company also offers designing and manufacturing services to blue-chip companies as well as tech start-ups.
Latest Ratings
Post-Q3 results, analyst William Tng from CGS-CIMB maintained his Buy rating on the stock on October 16, predicting an upside of 38%. Tng is bullish on the stock, considering its better-than-expected revenue growth in Q3. He raised his FY23-24 revenue forecast by 0.8-1.7%. Tng stated that the re-rating catalysts for the company include “new potential customers and more project wins from its main customer.”
On the same day, DBS analyst Ling Lee Keng also confirmed his Buy rating on the stock at a forecast of 40% growth in the share price.
Two days ago, John Cheong from UOB Kay Hian recommended Buying the stock and set the price target at S$1.11. This suggests a growth rate of 25% from the current trading price.
What is the Target Price for Aztech Global?
As per the consensus rating on TipRanks, 8AZ stock has received a Strong Buy rating supported by all Buy recommendations from four analysts. The Aztech share price target is S$1.13, which is 27% above the current level.
Year-to-date, the stock has been trading up by 15.6%.
