- CSE Global (SGX:544) gave a 3Q business update but revealed only revenue figures, with 3Q23 revenue up 31.4% y-o-y to S$185.4m, above our and consensus expectations.
- Management did guide for margins to remain stable which should beat our estimates if margins are similar to 1H23.
- - Read this at SGinvestors.io -
Strong order-book supports positive outlook
- CSE's 3Q23 revenue was up 31% y-o-y to S$185.4m with most growth coming from its communication and electrification segments, growing 44% and 47% y-o-y, respectively, to S$55.1m and S$85.9m.
- As of 9M23, CSE secured S$692.6m of new orders, up 18.1% y-o-y, excluding its S$150.6m order win in Oct-23.
- - Read this at SGinvestors.io -
- We also expect new electrification contracts in data centre substations by 1H24. With an existing order book of S$638m as at 30 Sept 2023, CSE will likely continue to fare well in FY23E and FY24E.
CEO adding share a strong vote of confidence
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.ketrade.com.sg/.
Jarick Seet Maybank Research | https://www.maybank-ke.com.sg/ 2023-11-13
Previous report by Maybank:
2023-11-09 CSE Global - Strong 3Q23e Expected; Maintain BUY.
Price targets by 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
