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STRACO: Stock +13% on guidance for "substantial FY23 profit"

This article is republished with permission from NextInsight .

13-Feb    Share!

Shares of Straco Corp (52.5 cents) were up by as much as 6 cents (+12.9%) this morning following the company's announcement that it would report a "substantial net profit" for FY2023.

profit guide2.24

Straco, which operates the Shanghai Ocean Aquarium and the Singapore Flyer, attributed the FY2023 profit jump to:

flyer11.231) Higher visitor numbers for its China attractions as domestic tourism recovered strongly post-Covid;

2) Higher visitor numbers for Singapore Flyer as international tourist arrivals recovered strongly; and

3) Lower exchange losses recorded in FY2023 compared to exchange losses of $5.37 million in FY2022.

In an earlier article, we had flagged that Straco (current market cap: ~$445 million) looks to be a turnaround story after its 3Q2023 net profit came in at S$16.3 million.

It ended that quarter with net cash of
$165.92 million, up from S$143 million as at end-2022. 

Straco chart9.23
The high cash levels augurs well for a higher payout than the 1-cent/share distributed in each of the three Covid years (even when Straco was operationally loss-making).

The 1-c/share dividend amounted to just S$8.6 million in absolute dollars.

Straco: Dividends







SGD cent






Straco said it would report its FY2023 results on Feb 29.

Contributed By: NextInsight

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