- CSE Global (SGX:544) will likely be reporting its 3Q23E business update tomorrow and we expect its strong performance to continue backed by its robust order book of S$638m. We expect 3Q23E revenues of S$175m and NPAT of S$5.5m.
- - Read this at SGinvestors.io -
- Maintain BUY on CSE with an unchanged S$0.65 target price based on 15.5x FY24E P/E.
Strong order-book supports positive outlook
- As of 9M23, CSE secured S$692.6m of new orders, a rise of 18.1% y-o-y excluding its S$150.6m order win in Oct 2023. CSE is on track to achieve a record S$1bn orders in FY23.
- - Read this at SGinvestors.io -
- We believe CSE will be a key beneficiary of the ongoing US infrastructure upgrade due to its expertise in electrification solutions which will be key to securing US infrastructure projects. We expect the US contribution to grow significantly in the next 2-3 years by 100-200%.
More share-buy backs can be expected
- Read more at SGinvestors.io.
