We believe that CSE Global will likely secure large orders towards the end of the year, especially on the data-centre front where they are refocusing their efforts onto, as well as local government contracts.
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Gross and net margins likely to improve
CSE Global’s gross and net margins for 1H25 both improved to 27.9% and 3.7%, respectively, from 27.6% and 3.5% in 1H24. Revenue grew 2.8% y-o-y to S$440.9m despite the depreciation of US$ vs S$.
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Larger data centre order wins to be expected
CSE Global made a strategic move to reserve capacity and focused on clients in the data centre and utility spaces.
CSE Global, in Aug 2025, unveiled a S$59m data centre extension order from its existing US hyperscaler customer. The first order was S$20+m 3 years ago and a second was secured in Apr 2024 at S$49m followed by the third in Aug 2025. The speed as well as contract sizes have been increasing and we believe this will likely continue.
CSE Global is also in the midst of qualifying with another 1-2 hyperscaler clients and a win would add significant earnings growth for FY26-28E. .
Capacity to triple, which points to more orders
Read more at SGinvestors.io.
Above is an excerpt from a report by Maybank Research. Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
