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Civmec
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MERCURIUS CAPITAL INVESTMENT
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Tracer63
Elite |
12-Sep-2022 10:21
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Maintain strong buy for Civmex | ||
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Joelton
Supreme |
10-Sep-2022 13:32
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UOB Kay Hian maintains ' buy' call for Civmec with higher TP of $1.18
UOB Kay Hian analyst John Cheong has maintained his &ldquo buy&rdquo call for Civmec with an increased target price (TP) of $1.18 from $1.08 previously, with the company&rsquo s contract wins and improved margins.
The dual-listed Singaporean-Australian construction engineering company&rsquo s FY2022 net profit of A$51 million ($48.7 million), a 47% year-on-year (y-o-y) increase, surpassed Cheong&rsquo s expectations by 13% due to robust revenue growth across most sectors and net margin expansion. Civmec&rsquo s FY2022 ended in June.
Dividends also exceeded the analyst&rsquo 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%.
Revenue grew 20% y-o-y, with Civmec&rsquo s infrastructure & defence segment growing 95% y-o-y and its resources segment growing 13% y-o-y, offsetting the 21% y-o-y decrease from its energy segment.
Civmec&rsquo s ebitda margin expanded by 0.8% points while net margin grew 1.2% points, mainly due to better operating leverage and more favourable contract terms as most of Civmec&rsquo s customers in the resources industry are making good profit, says Cheong
He notes that Civmec remains positive on its future outlook given the strong tendering opportunities across all the sectors in which it operates. His TP of $1.18 is pegged to 12x FY2023 price-to-earnings ratio (P/E), 1 standard deviation (s.d.) below the five-year mean.
&ldquo We think the current valuation of 6x FY2023 P/E is attractive, given its strong growth profile of 10% three-year earnings per share (EPS) compound annual growth rate (CAGR) for FY2022 to FY2025 and huge orderbook, especially in the defence sector which has a long tenure and high barriers to entry,&rdquo says the analyst, who notes that Civmec&rsquo s peers are trading at an average of 15x FY2022 P/E.
He has raised his FY2023 and FY2024 earnings forecasts by 16% and 12% respectively, after raising his revenue estimates by 4% for both years. Cheong&rsquo s gross margin estimates have also risen around 0.2% points to 11.5% and 11.7% respectively to reflect more contract wins and better margins that Civmec should enjoy given the more favourable commodity prices which will benefit the majority of its customers.
&ldquo Tendering activity remains strong across all the sectors that Civmec operates in and it is focused on securing projects that will grow its workforce at a sustainable rate. Civmec remains positive about the pipeline and the opportunities to continually replenish its orderbook,&rdquo says Cheong, who adds that the company is also increasingly focused on growing the proportion of revenue earned on long-term contracts.
See also: UOB Kay Hian expects Tiong Woon Corp' s FY2023 EPS to grow by 54%
Meanwhile, Civmec has two new facilities under development to support growth, including its previously announced facility in Port Hedland which has recently settled the land purchase and gained development approval. The facility will be developed over the next 12 months.
In addition, Civmec has acquired a 28,510 sqm piece of land in the region to establish a permanent facility. This facility will replace the leased facility Civmec currently occupies and allow it to expand its service offerings in the region, says Cheong.
The analyst also points out that Civmec is well-positioned to tap on emerging opportunities in the clean and new energy segments, progressing well on the construction of its lithium plants with more hydrogen projects expected on the horizon as the hydrogen industry picks up traction in Australia.
Cheong&rsquo s share price catalysts include an earnings surprise due to higher-than-expected contract wins and margin, better-than-expected dividends and a takeover offer by a &ldquo strategic shareholder&rdquo given the high barrier-to-entry of the defence business.
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Tracer63
Elite |
09-Sep-2022 15:40
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Civmex gonna move big soon
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Tracer63
Elite |
09-Sep-2022 14:16
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Civmec showing bullish signals. Analyst tgt at 0.90. My tgt 0.78. Price action: First tgt 0.665 >> 0.685 >> 0.705 | ||
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Joelton
Supreme |
03-Sep-2022 12:00
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DBS raises Civmec target as trading price a &lsquo steep discount&rsquo relative to peers
DBS Group Research on Friday (Sep 2) raised its target price on construction and engineering company Civmec : P9D +0.78%to S$0.92 as it believes the company&rsquo s Sep 1 trading price of S$0.64 is a &ldquo steep discount&rdquo relative to its peers&rsquo average, given its higher earnings growth and margins.
Analyst Paul Yong noted that the group&rsquo s FY2022 net profit of A$50.8 million (S$48.4 million) was above consensus estimates, on the back of record revenues of A$809.3 million. Highlighting the company&rsquo s robust orderbook of about A$1 billion, along with improving project margins and further expansion plans, Yong thinks Civmec&rsquo s relative discount is unwarranted.
The analyst also liked Civmec for its diversified revenue streams from both private and public sector capital expenditure and was further upbeat on the company&rsquo s upcoming expansion plan in Gladstone, Queensland.
An upside for Civmec could come from the increasing number of lithium and hydrogen energy projects in Australia, which Yong believes would benefit the company given its established relationships with leading industry players like Rio Tinto and Chevron. He noted that the company had recently won a major contract to build a refinery related to electric vehicle batteries, due in 2024.
DBS maintained its &ldquo buy&rdquo recommendation on Civmec as it expects higher margins for the company, albeit with a &ldquo more modest outlook on revenue growth&rdquo .
However, a sharper-than-expected contraction in private capital expenditure could present a key risk for the group. Near-term orderbook growth could also be stunted by labour supply in Australia, which Yong noted has yet to return to pre-Covid-19 levels.
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Joelton
Supreme |
30-Aug-2022 09:05
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Civmec&rsquo s H2 net profit jumps 43% on higher revenue, better margins
CONSTRUCTION and engineering group Civmec reported a net profit of A$28.17 million (S$27.2 million) for H2 FY22, up nearly 43 per cent year on year on the back of increased revenues and improved gross margins.
Revenue was 14 per cent higher at A$419.94 million due to increased activity levels and the timing of revenue recognition on projects, while earnings per share worked out to 5.61 Australian cents, climbing from 3.94 cents previously.
Gross profit for H2 2022 was 20 per cent higher at A$48.63 million in line with the higher revenue and improved gross profit margins which went from 11 per cent to 11.6 per cent. The bottom line was also boosted by an increase in other income as well as a decrease in finance costs.
For the 12 months ended Jun 30, 2022, net profit jumped 46 per cent year on year to A$50.76 million as a result of increased revenue and lower finance costs. Revenue rose 20 per cent to A$809.3 million due to the timing of projects.
Civmec is recommending a final dividend of 2 Australian cents per share, compared to 1 cent per share in the corresponding period a year ago. Subject to shareholder approval, the dividend will be payable Dec 19.
Chief executive Patrick Tallon said: &ldquo Tendering activity remains strong across all sectors that we operate in, and we are focused on securing projects that will allow us to grow our workforce at a sustainable rate.&rdquo
Tallon added that Civmec remains positive about the pipeline and opportunities to replenish its order book, and is focusing on growing the proportion of revenue stemming from long-term contracts. Civmec&rsquo s order book stands at over A$1.03 billion.
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SmallSmall
Supreme |
26-May-2022 09:27
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Civmec secures A$120 mil in new contracts  Jovi HoWed, May 25, 2022 &bull 5:51 PM GMT+08 &bull 16 hours ago &bull 3 min read
        These include a car dumper replacement, a subsea project and maintenance contracts, announced the dual-listed company on May 25.
 Dual-listed construction and engineering services provider Civmec Limited has recently secured circa A$120 million ($116.82 million) of new contracts across multiple operating sectors. These include a car dumper replacement, a subsea project and maintenance contracts, announced the company on May 25. Civmec is listed on both the Singapore Exchange (SGX) and the Australian Stock Exchange (ASX). BHP has awarded a contract to Civmec for the replacement of BHP&rsquo s Car Dumper 3 (CD3) at BHP&rsquo s Nelson Point facility in Port Hedland, which was commissioned in 1998. The new CD3 has a design life of 30 years and is intended to fit in the existing concrete vault with minimal structural modifications. See also: Yangzijiang Financial Holding to seek share buyback mandate with June 8 EGM Procurement activities for this project have commenced, with fabrication commencing in 1QFY2023 and completion in 4QFY2023. At peak, this contract will employ approximately 85 people, says Civmec. In addition, Subsea 7 has awarded the contract for subsea structures on the Woodside-operated Scarborough Project performed by Subsea Integration Alliance, a non-incorporated strategic global alliance between Subsea 7 and OneSubsea, the subsea technologies, production, and processing systems division of Schlumberger. Totalling over 1,700 tonnes of subsea structures, the project deliverables, welding procedure qualification campaign and shop detailing will commence immediately with fabrication commencing in 4Q2022 through to FAT (Factory Acceptance Testing) being carried out from 2Q2023 with progressive loadout to 3Q2024, this project will employ 80 people at peak. See also: Aspen (Group)' s glove subsidiary receives claim for RM29.35 mil Next, Roy Hill have awarded the SMP& E (Structural Mechanical Piping and Electrical) Works for the ROM4 Crusher 5 project at Roy Hill&rsquo s Mine Facility to Civmec. The site is situated 115km north of Newman, Western Australia. This follows the current SMP& E contract for the Wet High Intensity Magnetite Separator (WHIMS) project, which is nearing completion and will see the same project management team transitioning to the ROM4 project, says Civmec. Mobilisation will commence in 4QFY2022 with completion in 2QFY2023 with peak manning planned to be approximately 130. Finally, Roy Hill have also extended Civmec' s Roy Hill - Shutdown and Maintenance Support Services Agreement by an additional five years through to March 2027. " As one of Civmec&rsquo s long term customers, Roy Hill is an important stakeholder for our maintenance business. Our investment in the local community and our commitment to building our Port Hedland Workshop facility is evidence of our pledge to being a long-term partner to Roy Hill and our intent is to further strengthen this relationship," reads a press release. Patrick Tallon, CEO of Civmec, says: " These new contracts demonstrate the Company&rsquo s track record of delivering for its clients. We are very pleased to secure this work and are committed to maintaining our long-standing client relationships.&rdquo Shares in Civmec closed flat at 64.5 cents on May 25. |
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tcctcc
Senior |
25-May-2022 18:49
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But no one is interested in this stock.
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spursfan
Supreme |
25-May-2022 17:50
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Civmec awarded A$120 million in new contracts across multiple operating sectors PERTH, SINGAPORE 25 th May 2022 &ndash Civmec Limited (&ldquo Civmec&rdquo or the &ldquo Group&rdquo ) is pleased to announce that it has recently secured circa A$120 million of new contracts across multiple operating sectors.... https://links.sgx.com/1.0.0/corporate-announcements/UR7NZQM394PJXRKE/718529_Civmec%20awarded%20A%24120%20million%20in%20new%20contracts.pdf |
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SmallSmall
Supreme |
23-May-2022 14:06
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This one so power ah. 3 houses buy call
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SmallSmall
Supreme |
23-May-2022 13:51
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Brokers&rsquo take: DBS starts coverage on Civmec with &lsquo buy&rsquo , S$0.88 target |
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ozone2002
Supreme |
10-May-2022 11:49
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KGI Research Civmec Ltd (CVL SP) - Long &ndash Entry 0.66, Target 0.70, Stop 0.64 Shares closed above the 5dMA yesterday on higher-than-average trading volumes. 5dMA crossed both the 20dMA and 60dMA. Both RSI and MACD are constructive.  |
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Joelton
Supreme |
10-May-2022 09:31
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Brokers&rsquo take: Maybank initiates Civmec with &lsquo buy&rsquo on strong growth outlook, attractive valuation
CONSTRUCTION and engineering group Civmec can likely ride on its strong orderbook as well as rising investments in the resources and energy sectors to post a positive growth outlook, Maybank said.
In a report on Friday (May 6), analyst Eric Ong initiated coverage on Civmec with a &ldquo buy&rdquo call and target price of S$1, noting that the counter trades at an &ldquo undemanding&rdquo 10 times the brokerage&rsquo s estimates for FY2023 earnings, which represents a 15-per cent discount to Civmec&rsquo s peers listed in Australia.
The counter is also attractive given its positive earnings profile and the enhanced clarity of its naval shipbuilding segment, the analyst added.
Shares of Australia-based Civmec were trading at S$0.665 as at the midday break on Monday, up S$0.01 or 1.5 per cent. The company is dual-listed on the Singapore Exchange and the Australian Securities Exchange.
Ong expects Civmec&rsquo s large orderbook of A$1.2 billion (S$1.1 billion) will support the group&rsquo s earnings growth and provide a decent prospective yield of 4 to 5 per cent going forward.
The company also can likely grow its recurring income stream, as its existing clients regularly outsource their maintenance services to it.
Civmec in February reported net profit of A$22.6 million for its first half ended Dec 31, 2021, up 50.1 per cent on year, with sales revenue up 27.4 per cent on year to A$389.4 million.
For Civmec&rsquo s defence segment, Ong expects it will benefit from Australia&rsquo s rising defence spending, as Civmec is 1 of only 2 approved players to build the next-generation offshore patrol vessels for the Royal Australian Navy, giving it a strong competitive edge that could further support margins.
Civmec will likely recognise higher revenues from its defence segment with the scheduled delivery of the offshore patrol vessels, the analyst added, nothing that the company also has plans to continue to secure more contracts and to start exporting ships afterwards.
Meanwhile, Civmec can also gain from the investment boom in the Australia infrastructure sector, given that it is a tier-1 contractor with the required financial accreditation for major public infrastructure projects, and a proven track record.
Additionally, noting that Australia&rsquo s resource and energy export earnings are forecasted to hit a record A$425 billion in 2022, Ong expects Civmec can replenish its orderbook and post good revenue visibility.
This comes as the group is already seeing several large iron ore projects in the pipeline, as well as further development in the battery minerals space, the analyst noted.
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Joelton
Supreme |
10-May-2022 09:30
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Brokers&rsquo take: Maybank initiates Civmec with &lsquo buy&rsquo on strong growth outlook, attractive valuation
CONSTRUCTION and engineering group Civmec can likely ride on its strong orderbook as well as rising investments in the resources and energy sectors to post a positive growth outlook, Maybank said.
In a report on Friday (May 6), analyst Eric Ong initiated coverage on Civmec with a &ldquo buy&rdquo call and target price of S$1, noting that the counter trades at an &ldquo undemanding&rdquo 10 times the brokerage&rsquo s estimates for FY2023 earnings, which represents a 15-per cent discount to Civmec&rsquo s peers listed in Australia.
The counter is also attractive given its positive earnings profile and the enhanced clarity of its naval shipbuilding segment, the analyst added.
Shares of Australia-based Civmec were trading at S$0.665 as at the midday break on Monday, up S$0.01 or 1.5 per cent. The company is dual-listed on the Singapore Exchange and the Australian Securities Exchange.
Ong expects Civmec&rsquo s large orderbook of A$1.2 billion (S$1.1 billion) will support the group&rsquo s earnings growth and provide a decent prospective yield of 4 to 5 per cent going forward.
The company also can likely grow its recurring income stream, as its existing clients regularly outsource their maintenance services to it.
Civmec in February reported net profit of A$22.6 million for its first half ended Dec 31, 2021, up 50.1 per cent on year, with sales revenue up 27.4 per cent on year to A$389.4 million.
For Civmec&rsquo s defence segment, Ong expects it will benefit from Australia&rsquo s rising defence spending, as Civmec is 1 of only 2 approved players to build the next-generation offshore patrol vessels for the Royal Australian Navy, giving it a strong competitive edge that could further support margins.
Civmec will likely recognise higher revenues from its defence segment with the scheduled delivery of the offshore patrol vessels, the analyst added, nothing that the company also has plans to continue to secure more contracts and to start exporting ships afterwards.
Meanwhile, Civmec can also gain from the investment boom in the Australia infrastructure sector, given that it is a tier-1 contractor with the required financial accreditation for major public infrastructure projects, and a proven track record.
Additionally, noting that Australia&rsquo s resource and energy export earnings are forecasted to hit a record A$425 billion in 2022, Ong expects Civmec can replenish its orderbook and post good revenue visibility.
This comes as the group is already seeing several large iron ore projects in the pipeline, as well as further development in the battery minerals space, the analyst noted.
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ozone2002
Supreme |
09-May-2022 11:30
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Maybank Research Civmec Ltd - Underappreciated defence play (CVL SP, CP SGD0.65, BUY, TP SGD1.00, Services) **INITIATION** We initiate coverage on Civmec &ndash a leading Australian construction & engineering services provider to the booming energy, resources, as well as defence and infrastructure sectors - with BUY and 12-month TP of SGD1.00. This is premised on an undemanding 10x FY23E P/E, representing c.15% discount to its ASX-listed peers. Civmec&rsquo s large order book of AUD1.15b should underpin the group&rsquo s earnings growth and decent prospective yield of 4-5% going forward. |
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TodaySgCny
Senior |
10-Dec-2021 10:38
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Took dividends,Clear my 15k @0.675 soon.Later BB sure push,can sell 0.685.Am not greedy.Cheers | ||
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Sgvale
Supreme |
19-Oct-2021 09:15
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Watching | ||
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SmallSmall
Supreme |
18-Oct-2021 19:10
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Nice. When BT reports maiden buy call target $0.98 plus A$130mil contracts tomorrow there will be a scramble for the shares Civmec secures A$130m worth of maintenance and capital works projects PERTH, SINGAPORE 18th October 2021 - Civmec Limited (&ldquo Civmec&rdquo or the &ldquo Group&rdquo ) has received three notices of award from several repeat customers for maintenance and capital works projects collectively worth approximately A$130 million, bringing its total order book to about A$1.05 billion as at 30 September 2021. |
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spursfan
Supreme |
18-Oct-2021 18:54
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Civmec secures A$130m worth of maintenance and capital works projects.....https://links.sgx.com/1.0.0/corporate-announcements/Q3FX2IMCS3KQ65YZ/687159_Civmec%20-%20211018_Maintenance%20and%20Capital%20Works%20Orders%20for%20release_Final.pdf | ||
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SmallSmall
Supreme |
18-Oct-2021 13:02
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Fresh from the oven Civmec (CVL SP) Leading Contractor With Huge Orderbook In Defence And Commodity Sectors Civmec is on track for record earnings in FY22 (+18% yoy) as it delivers a A$1b orderbook for clients in the defence and commodity sectors. We believe the market has overlooked the huge potential of its defence business, which just started in FY21 and has high barriers to entry. Its resources and energy segments are set to enjoy stronger construction demand as clients seek to increase capacity amid high commodity prices. We initiate coverage with BUY and target price of S$0.98 (12x FY22F PE, -1SD of mean). |
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