CSE Global - CGS-CIMB Research 2021-11-11: Diversification Cushions Risks

CSE Global - Diversification Cushions Risks

CSE GLOBAL LTD (SGX:544) | SGinvestors.ioCSE GLOBAL LTD (SGX:544)
  • 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
SGX Stock Analyst Report ADD MAINTAIN ADD 0.610 SAME 0.610

Read also CGS-CIMB's most recent report:
2022-05-18 CSE Global - Slower Path To Recovery

Check out the most recent target prices at CSE Global Target Prices. Listing of analyst research reports at CSE Global Analyst Report.

Relevant links:
CSE Global Share Price History,
CSE Global Announcements,
CSE Global Dividends & Corp Actions,
CSE Global News Articles


Stock / REIT Search