CSE Global (SGX:544) reported 3Q25 revenue of S$258m (+21% y-o-y), which is largely in line with our expectations, with 9M25 revenue of S$699m forming 76% of our full-year estimate. This displayed strength in CSE’s top-line, despite being impacted y-o-y by unfavourable forex movements, particularly from the US$ and AUD. The growth was mainly driven by strength from its electrification business.
Stable revenue growth.
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Automation revenue rose 4.4% y-o-y to S$49m, supported by higher technology and integrated system solutions revenues in the Americas region.
Communications revenue remained stable at S$62m due to depreciation of the US$ and AUD. On a constant currency basis, communication revenue registered a growth of 4.6%.
Orderbook remains healthy.
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Communications-related orders surged 24% y-o-y to S$75m, accounting for 51% of new orders (vs 32% in 3Q24), driven by an uptake in orders from recent acquisitions.
Automation orders fell 50% y-o-y to S$22m, due to the absence of greenfield orders in the oil and gas sector that were received in 3Q24.
Issuance of warrants to Amazon to forge long-term partnership.
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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/.
