CSE Global - UOB Kay Hian 2022-11-21: 3Q22 Results In Line; Mixed Outlook

CSE Global - 3Q22 Results In Line; Mixed Outlook

Published:
CSE GLOBAL LTD (SGX:544) | SGinvestors.ioCSE GLOBAL LTD (SGX:544)
  • CSE Global's 3Q22 results were largely in line, with 9M22 revenue of S$403m (+15% y-o-y) forming 78% of our 2022 estimate. This was due to project, time and material revenues growth across all geographical segments.
  • - Read this at SGinvestors.io -
  • Maintain HOLD.

CSE's 3Q22 results in line with expectations.

  • CSE Global (SGX:544)’s 9M22 revenue of S$403m (+15.2% y-o-y) was largely in line with our expectations, forming 78% of our full-year estimate. This is mainly because delays in project execution from poor weather conditions and COVID-19 supply chain disruptions in 9M21 have since eased. See CSE's announcement dated 17 Nov 2022.
  • - Read this at SGinvestors.io -
  • Revenue growth across all industry sectors for the quarter. CSE Global’s 3Q22 revenue growth of 22% y-o-y was mainly attributable to higher infrastructure project revenues of S$54m (+44.8% y-o-y) across Australia, Singapore, the UK and the Americas regions.
  • In addition, revenue in the energy sector rose 7.1% y-o-y to S$72m due to greater project, time and material revenues recognised in the Americas region. Mining & minerals revenue of S$15m (+37.7% y-o-y) has also improved due to better project progression, in comparison with project execution delays faced in 3Q21.

Order intake remains robust.

  • Read more at SGinvestors.io.




Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.




John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | https://research.uobkayhian.com/ 2022-11-21



Read also UOB's most recent report:
2024-02-29 CSE Global - 2023 Earnings Beat; Well Positioned For Stronger 2024.

Previous report by UOB:
2023-11-14 CSE Global - 3Q23 Results In Line; Growth Backed By Strong Orderbook.

Price targets by 2 other brokers at CSE Global Target Prices.

Listing of research reports at CSE Global Analyst Reports.

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





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