- CSE Global announced S$565.4m of new orders for 9M24, down 18% y-o-y, which was slightly disappointing due to one-off large orders secured last year. We understand that a few large orders worth S$60-80m are potentially delayed in 4Q24.
- - Read this at SGinvestors.io -
Revenue growth of 20% y-o-y on track
- For 9M24, CSE Global's revenue is up 20.2% y-o-y to S$642.8m, which is slightly ahead of our forecast by 5%.
- With higher revenue and operating leverage, we expect profitability and net margins to increase, excluding the one-off US$8m settlement.
- CSE Global has an healthy order book of S$633.6m as at end- 9M24, almost flat y-o-y despite lower orders obtained during 3Q24.
Order wins should likely pick up in 4Q24E
- - Read this at SGinvestors.io -
- We also expect order wins to likely be more evenly distributed going forward.
Medium-term outlook still positive
- Read more at SGinvestors.io.
