Broker: CGS International
Date of Report: April 28, 2026
Excerpt from CGS International report.
Report Summary
- Stock: Aztech Global Ltd (AZTECH SP)
- Action: Upgraded to Add (previously Hold)
- Target Price: S\$1.14 (from S\$0.78)
- Current Price: S\$0.875
- Upside Potential: +30.3%
- Key Idea: Aztech is expected to see earnings recovery in FY26-28F (CAGR: 7.4%), supported by demand growth in IoT and data-communication products, and diversification into security and renewable energy segments. The EQDP-driven rally could re-rate Aztech to 19x FY27F P/E, justifying the higher target price.
- Dividend Yield: Projected at 4.3%–4.7% over FY26-28F.
- Risks: Order cancellations due to economic slowdown and volatile forex rates.
- Re-rating Catalysts: New customer wins, more projects from main customer.
Ticker: AZTECH SP
above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgsi.com
