CSE Global - Diversification Cushions Risks
- CSE Global (SGX:544) reported a 3Q21 EBITDA of S$9.9m (-27% q-o-q, -23% y-o-y), in line with our expectations. 9M21 EBITDA of S$33.5m formed 78% of our FY21F.
- 3Q21 order intake was encouraging at S$120m, the highest since 1Q20, mainly from the energy sector.
- Year-to-date order win is S$330m (vs. our forecast of S$460m). Stronger-than-expected order wins are a key catalyst.
- Reiterate ADD rating on CSE Global and an unchanged target price of S$0.61, still based on 12x FY22F P/E.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
Kenneth TAN CGS-CIMB Research | LIM Siew Khee CGS-CIMB Research | https://www.cgs-cimb.com 2021-11-11 2021-11-11
Read also CGS-CIMB's most recent report:
2022-05-18 CSE Global - Slower Path To Recovery
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