<p>[新加坡] CGS International 将 Aztech Global 的评级从 “持有” 上调至 “增持”，并将该科技制造商的目标价从 S$0.78 上调 46.2% 至 S$1.14，尽管第一季度业绩令人失望。</p>
<p>该公司于周二（4 月 28 日）发布的第一季度净利润为 400 万新元，未能达到预期，但投资机构表示盈利复苏 “可能” 会发生。其收入为 6470 万新元，符合预期。</p>
<p>在周二的报告中，CGSI 分析师 William Tng 指出 Aztech 的业绩存在 “历史季节性”，第一季度通常是最弱的季度。</p>
<p>Tng 表示：“尽管 FY2026 开局缓慢，但我们预计 Aztech 在第二季度到第三季度将会有环比改善，基于历史趋势，并维持我们的盈利预测。”</p>
<p>尽管该集团第一季度净利润同比增长 166.7%，但仅占 CGSI 和彭博共识全年预测的 9%，并且由于 180 万新元的未实现外汇损失而 “低于预期”，CGSI 表示。</p>
<p>Aztech 从其在中国东莞的物业出售中获益 310 万新元，但由于未实现的外汇损失而受到影响，投资机构表示。</p>
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<p>然而，Tng 指出 Aztech 在第一季度获得了六个新项目订单，并在该季度开始了商业生产，同时在安全和可再生能源领域新增了两个客户。</p>
<p>Tng 引用 Aztech 管理层在周二发布的 2026 年第一季度业务更新时表示：“项目获胜和新产品推出的进展支持中期客户和收入多样化，尽管早期收入较为温和。”</p>
<p>他警告说，由于经济放缓影响需求和外汇波动影响财务，订单取消是下行风险。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/975b7bd5ca7873b7883a747f846b5506e4b75a282ecc6bb612bee03fe968059f/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/975b7bd5ca7873b7883a747f846b5506e4b75a282ecc6bb612bee03fe968059f/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>Aztech Global 下半年利润增长 1% 至 2410 万新元；全年收益下降 43%</h3>
<p></p>
<h3>AEM、UMS 等芯片公司受益于与 AI 相关的出口激增</h3>
<p>Tng 表示，Aztech 的另一个利好是可能由股市发展计划（EQDP）推动的反弹。</p>
<p>CGSI 认为，FY2026 至 FY2028 的 Aztech 预测不变，预计盈利将恢复，复合年增长率为 7.4%，并预计股息收益率为 4.3% 至 4.7%。</p>
<p>他说：“EQDP 的购买支持可能将 Aztech 的估值提升至 19 倍，超过其 FY2022 至 FY2026 五年平均市盈率的三个标准差，从而使我们将目标价上调至 S$1.14。”</p>
<p>周三，Aztech 股价一度上涨 17.7%，至 S$1.03，截至下午 2:36，成交量接近 3200 万股。</p>
<p>截至目前，该股自 2025 年 12 月 31 日的收盘价 S$0.655 上涨了 57.3%。</p>
<p>它是上周在人工智能相关需求推动下，因新加坡关键出口意外增长 15.3% 而反弹的科技股之一。</p>
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<p>CGS International 将 Aztech Global 的评级从 “持有” 上调至 “增持”，并将其目标价上调 46.2% 至 1.14 新加坡元，尽管第一季度净利润为 400 万新加坡元，未能达到预期。收入为 6470 万新加坡元，符合预测。分析师 William Tng 指出历史季节性，预计第二季度到第三季度将有所改善。Aztech 获得了六个新项目订单和两个新客户，支持中期增长。然而，风险包括订单取消和外汇损失。Aztech 股价上涨 17.7%，至 1.03 新加坡元，反映出年初至今增长 57.3%</p>

<p>[SINGAPORE] CGS International upgraded Aztech Global to “add” from “hold” and raised its target price for the tech manufacturer by 46.2 to S$1.14, from S$0.78, despite disappointing first-quarter earnings.</p>
<div class="lb-trans"><p>[新加坡] CGS International 将 Aztech Global 的评级从 “持有” 上调至 “增持”，并将该科技制造商的目标价从 S$0.78 上调 46.2% 至 S$1.14，尽管第一季度业绩令人失望。</p>
</div><p>The company’s Q1 net profit, released on Tuesday (Apr 28), came in at S$4 million and missed expectations, but the investment house says earnings recovery is “likely”. Its revenue of S$64.7 million was in line with expectations.</p>
<div class="lb-trans"><p>该公司于周二（4 月 28 日）发布的第一季度净利润为 400 万新元，未能达到预期，但投资机构表示盈利复苏 “可能” 会发生。其收入为 6470 万新元，符合预期。</p>
</div><p>In a Tuesday report, CGSI analyst William Tng noted the “historical seasonality” of Aztech’s performance, with Q1 typically the weakest quarter.</p>
<div class="lb-trans"><p>在周二的报告中，CGSI 分析师 William Tng 指出 Aztech 的业绩存在 “历史季节性”，第一季度通常是最弱的季度。</p>
</div><p>“Despite the slow start to FY2026, we expect Aztech to see quarter on quarter improvements in Q2 to Q3, based on historical trends, and retain our earnings forecasts,” said Tng.</p>
<div class="lb-trans"><p>Tng 表示：“尽管 FY2026 开局缓慢，但我们预计 Aztech 在第二季度到第三季度将会有环比改善，基于历史趋势，并维持我们的盈利预测。”</p>
</div><p>The group’s Q1 net profit, though 166.7 per cent higher year on year, was just 9 per cent of CGSI’s and a Bloomberg consensus’ forecasts for the full year and was “below expectations due to (an) unrealised foreign exchange loss of S$1.8 million”, said CGSI.</p>
<div class="lb-trans"><p>尽管该集团第一季度净利润同比增长 166.7%，但仅占 CGSI 和彭博共识全年预测的 9%，并且由于 180 万新元的未实现外汇损失而 “低于预期”，CGSI 表示。</p>
</div><p>Aztech had benefited from a S$3.1 million gain from the sale of its property in Dongguan, China, but was hurt by the unrealised foreign exchange loss, the investment house said.</p>
<div class="lb-trans"><p>Aztech 从其在中国东莞的物业出售中获益 310 万新元，但由于未实现的外汇损失而受到影响，投资机构表示。</p>
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</div><p>However, Tng noted that Aztech secured six new project orders in Q1, with commercial production started during the quarter, as well as added two new customers in the security and renewable energy segments.</p>
<div class="lb-trans"><p>然而，Tng 指出 Aztech 在第一季度获得了六个新项目订单，并在该季度开始了商业生产，同时在安全和可再生能源领域新增了两个客户。</p>
</div><p>“The project wins and new product introduction progress support medium-term customer and revenue diversification, despite modest early-stage revenue,” said Tng, citing Aztech’s management in its Q1 2026 business update released on Tuesday.</p>
<div class="lb-trans"><p>Tng 引用 Aztech 管理层在周二发布的 2026 年第一季度业务更新时表示：“项目获胜和新产品推出的进展支持中期客户和收入多样化，尽管早期收入较为温和。”</p>
</div><p>Order cancellations due to an economic slowdown affecting demand and volatile foreign exchange rate movements affecting financials are downside risks, he warned.</p>
<div class="lb-trans"><p>他警告说，由于经济放缓影响需求和外汇波动影响财务，订单取消是下行风险。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/975b7bd5ca7873b7883a747f846b5506e4b75a282ecc6bb612bee03fe968059f/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/975b7bd5ca7873b7883a747f846b5506e4b75a282ecc6bb612bee03fe968059f?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Aztech Global H2 profit rises 1% to S$24.1 million; full-year earnings fall 43%</h3>
<div class="lb-trans"><h3>Aztech Global 下半年利润增长 1% 至 2410 万新元；全年收益下降 43%</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2e071124db37b1f74b042a75f9c092c7d57ddc27eee677fcd49f7b87edc59413/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/2e071124db37b1f74b042a75f9c092c7d57ddc27eee677fcd49f7b87edc59413?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>AEM, UMS among chip players riding AI-linked export surge</h3>
<div class="lb-trans"><h3>AEM、UMS 等芯片公司受益于与 AI 相关的出口激增</h3>
</div><p>Another boon for Aztech is a potential rally driven by the Equity Market Development Programme (EQDP), said Tng.</p>
<div class="lb-trans"><p>Tng 表示，Aztech 的另一个利好是可能由股市发展计划（EQDP）推动的反弹。</p>
</div><p>With FY2026 to FY2028 forecasts for Aztech unchanged, CGSI sees an earnings recovery with a compound annual growth rate of 7.4 per cent, supported by projected dividend yields of 4.3 per cent to 4.7 per cent</p>
<div class="lb-trans"><p>CGSI 认为，FY2026 至 FY2028 的 Aztech 预测不变，预计盈利将恢复，复合年增长率为 7.4%，并预计股息收益率为 4.3% 至 4.7%。</p>
</div><p>“EQDP buying support could re-rate Aztech to 19 times, three standard deviations above its five-year average price-to-earnings ratio over FY2022 to FY2026, leading us to raise our target price to S$1.14,” he said.</p>
<div class="lb-trans"><p>他说：“EQDP 的购买支持可能将 Aztech 的估值提升至 19 倍，超过其 FY2022 至 FY2026 五年平均市盈率的三个标准差，从而使我们将目标价上调至 S$1.14。”</p>
</div><p>Aztech shares rose as much as 17.7 per cent on Wednesday to S$1.03 as at 2.36 pm, with nearly 32 million shares traded.</p>
<div class="lb-trans"><p>周三，Aztech 股价一度上涨 17.7%，至 S$1.03，截至下午 2:36，成交量接近 3200 万股。</p>
</div><p>Year to date, the counter has gone up 57.3 per cent from its S$0.655 closing price on Dec 31, 2025.</p>
<div class="lb-trans"><p>截至目前，该股自 2025 年 12 月 31 日的收盘价 S$0.655 上涨了 57.3%。</p>
</div><p>It was among the group of tech stocks that staged a rally last week on the back of a stronger-than-expected 15.3 per cent surge in Singapore’s key exports due to artificial intelligence-linked demand.</p>
<div class="lb-trans"><p>它是上周在人工智能相关需求推动下，因新加坡关键出口意外增长 15.3% 而反弹的科技股之一。</p>
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Aztech shares jump over 17%; CGSI upgrades stock to ‘add’, lifts target 46.2% despite earnings miss;

Businesstimes News

Aztech Global

Aztech 股价上涨超过 17%；CGSI 将该股票评级上调至 “增持”，尽管收益未达预期，但目标价上调了 46.2%；