CSE Global - UOB Kay Hian 2023-02-01: Earnings Accretive Acquisition & Major Contract Wins

• CSE Global (SGX:544) just acquired a US radio communication group for US$11m. We view this positively as the acquisition valuation appears attractive and is highly accretive as it could lift CSE’s 2023F earnings by around 20%, assuming Radio One Group’s 2022 earnings can be sustained.
• - Read this at SGinvestors.io -
• We raise our 2023F EPS forecast by 12% to factor in the positive developments. We also raise our target price for CSE by 22% to S$0.45 (14x 2023F PE). Upgrade CSE to BUY.

CSE announced acquisition of Radio One Group.

• - Read this at SGinvestors.io -
• The acquisition is part of CSE’s strategy to expand and grow its communication businesses in the infrastructure industry markets.

CSE announced winning of two major contracts worth S$87m.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
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Read also UOB's most recent report:
2025-11-12 CSE Global - Game-changing Partnership With Amazon; Raise Target Price By 44%.

Previous report by UOB:
2025-10-23 CSE Global - Hopeful Of More Order Wins; Positive Outlook Maintained.

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