CSE Global - UOB Kay Hian 2026-05-18: Expect Softness In 1H26 But Long-term Outlook Remains Rosy

• CSE Global (SGX:544)'s 1Q26 revenue of S$265m (+29% y-o-y) is in line with our expectation, forming 25% of our forecast. This growth was driven mainly by a stronger performance from the electrification segment in the Americas region.

All segments delivered revenue growth.

• - Read this at SGinvestors.io -

• Communications revenue grew 19% y-o-y to S$69m, supported by contributions from Australia and New Zealand operations, as well as revenue from a recently acquired subsidiary.

• Automation revenue remained relatively stable y-o-y at S$50m (+0.5% y-o-y).

Orderbook remains robust.

• CSE Global recorded a robust orderbook of S$716m (+16% y-o-y) as of 31 Mar 26, driven by order wins of S$271m (+75% y-o-y), providing a healthy earnings growth outlook.

  • - Read this at SGinvestors.io -
  • Communications-related orders rose 21% y-o-y to S$77m, driven by contributions from recent acquisitions.
  • Automation orders came in weaker, falling 70% y-o-y to S$16m.

Electrification remains the growth engine.

• Read more at SGinvestors.io.

John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian Research | https://research.uobkayhian.com/ 2026-05-18

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