- We continue to like CSE Global (SGX:544) for its positive outlook, led by a firm orderbook (S$467m as of Sep 2025) and a sequentially stronger 2H25 on better earnings traction.
- - Read this at SGinvestors.io -
- Maintain BUY with higher CSE Global's target price of S$1.22 from S$0.86, 38% upside with ~3% FY26F yield. Our target price is raised from 17x blended FY25-26F P/E to 20x FY26F P/E – in line with peers.
Firm 3Q25 orderbook.
- CSE Global disclosed that it has secured S$146m in new orders for 3Q25, a 2.7% y-o-y rise on a constant currency basis and excluding two major contracts secured for the electrification segment in 3Q24 worth S$38m. The electrification segment secured orders worth S$48m (+20% y-o-y), excluding the two major contracts.
- - Read this at SGinvestors.io -
- New orders for the automation segment declined 51% y-o-y to S$23m on the absence of greenfield orders in the oil & gas sector. We believe there was some deliberate attempt to avoid higher-risk low-return projects (e.g. waste water) in favour of higher-yielding projects, e.g. data centres, infrastructure, and ports.
Positive on warrants issue worth an 8% stake to Amazon.
- Read more at SGinvestors.io.
