CSE Global - UOB Kay Hian 2025-10-23: Hopeful Of More Order Wins; Positive Outlook Maintained

• CSE Global (SGX:544) presented at our Asian Gems Conference 2025.

Healthy orderbook and improving margins to support earnings.

• CSE Global is positioned to achieve strong earnings growth of about 40% y-o-y in 2025, backed by an orderbook of S$574m as of Jun 25 and the absence of one-off losses amounting to around S$11m in 2024. In addition, net margin should continue to improve on rising operating leverage.
• - Read this at SGinvestors.io -

Electrification business stands to benefit from burgeoning data centre demand.

• - Read this at SGinvestors.io -
• In Aug 25, CSE Global won a S$59m DC extension orders from its existing US hyperscaler client.
• CSE Global is also in the qualification phase with more hyperscaler clients. To recap, CSE Global’s first DC order win was only around S$20m in 2023, while the second order was S$49m in 2024, followed by S$59m in 2025. We believe the contract wins will continue to increase in size due to more adoption of AI.

Expect more major order wins by end-25.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2025-08-18 CSE Global - 1H25 Earnings Steady, Positioned For Data Centre Upside.

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 Dividend Payout Dates & Corporate Actions,
CSE Global News