- CSE's 3Q23 results are in line, with 9M23 revenue of S$534.7m (+32.6% y-o-y) forming 74.8% of our 2023 estimate. This was due to growths in project revenue from the communications and electrification business segments.
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- With a record-high orderbook of S$638m as of end-9M23 and an attractive above-average dividend yield of 6%, maintain BUY rating on CSE with target price of S$0.61.
CSE's 9M23 results in line with expectations.
- CSE Global (SGX:544)’s 9M23 revenue of S$534.7m (+32.6% y-o-y) is in line with our expectations, forming 74.8% of our full-year estimate. This was mainly due to higher revenue contributions from the communications and electrification business segments, which grew 45.4% y-o-y and 53.1% y-o-y respectively.
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- Meanwhile, electrification revenue increased with higher project revenue recognition under the infrastructure sector in the US.
Revenue growth across energy and infrastructure segments for the quarter.
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