CSE Global - UOB Kay Hian 2023-11-14: 3Q23 Results In Line; Growth Backed By Strong Orderbook

• 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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John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | https://research.uobkayhian.com/ 2023-11-14 SGinvestors.io

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