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CSE Global
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Nanofilm Next Growth Path - Post Covid
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Octavia
Supreme |
13-Oct-2021 10:19
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https://links.sgx.com/1.0.0/corporate-announcements/CMO0TSQTT19O1CHT/686493_CSE_Ann_-_News_Release.pdf | ||||
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Octavia
Supreme |
03-Sep-2021 16:19
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&lsquo Storm is passing&rsquo for CSE Global as it banks on energy order wins from Hurricane IdaWhile we expect slight delays in project execution (Gulf of Mexico and Louisiana), we think that offshore operations will resume quickly upon easing of conditions. In fact, we see potential for more flow energy order wins as companies race to repair damage inflicted by the storm,&rdquo Tan writes. As such, he thinks this should support 2HFY2021 energy order wins, which typically pick up in 4Q after major hurricanes in late 3Q or early 4Q. In 1HFY2021, CSE already won $80 million of new orders in infrastructure, driven by higher Australia government contracts and projects across Singapore, the UK and the US. Tan highlights, &ldquo Supported by a record-high infrastructure order book of $133 million, we see the potential for order wins to pick up further in 2HFY2021 from Singapore government contracts, and increased infrastructure spending in Australia.&rdquo With this, CSE should see improvements in its overall profit margin as infrastructure contracts have higher margins (5-year historical average: 14%). Furthermore, Tan notes that with Temasek being a 25% shareholder of CSE, there could be potential collaboration opportunities between CSE and other Temasek-owned companies. Some potential opportunities, he thinks, include Singtel&rsquo s guidance of $2.4 billion capex in FY2022, SMRT&rsquo s rail expansion and ST Engineering&rsquo s urban solutions. Tan also likes the fact that CSE&rsquo s order book remains &ldquo healthy&rdquo at $212 million in 1HFY2021 vs $236 million at end-FY2020. The current infrastructure order book of $133 million is a record high in CSE&rsquo s operating history, and he also likes the current dividend yield of about 6%, calling it &ldquo very attractive&rdquo . CSE trades at an undemanding 10x FY2022F price to earnings ratio (P/E), or at -0.5 standard deviation of its five-year mean, which presents a good buying opportunity. Re-rating catalysts, Tan says, include higher-than-expected order wins, while downside risks are lower order wins and a slower-than-expected recovery in the energy segment. https://www.theedgesingapore.com/capital/brokers-calls/storm-passing-cse-global-it-banks-energy-order-wins-hurricane-ida |
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ayy002
Senior |
20-Aug-2021 08:29
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waiting for 0.45 | ||||
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actan99
Master |
19-Aug-2021 10:06
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wow, too cheap to be ignored. | ||||
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PhillipTan
Supreme |
16-Aug-2021 20:11
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CSE Global' s growth presents an attractive yield, says DBS Group ResearchDBS Group Research is maintaining its ' buy' call on systems integrator CSE Global at a revised target price of 61 cents.This is down 3 cents from its previous 63 cent call, but is expected to give the counter an 18% upside from its 51.5 cent price, analysts Chung Wei Le and Ling Lee Keng write in an Aug 13 note. " We cut FY21/22 earnings by 26%/19% respectively mainly due to our lowered optimism on new order wins for its energy segment. We roll forward our P/E peg from FY21 to FY22 and our target price is based on 11.0x (+1 SD of its four-year historical mean) FY22 earnings," they add. Chung and Ling' s conservative stance on the group' s energy segment stems from its continued weakness. The segment posted a 21.6% y-o-y decline in revenue to $140.3 million in 1HFY21 following delays in projects. A drag also came from volatile energy prices and the severe winter and spread of coronavirus infections in the Americas region. " Oil & gas is not the most popular right now," mull Chung and Ling. " If this were in the past, the quick run up in oil prices would have triggered a boom in the US oil industry. However, this time, despite higher oil prices, oil production (in the Gulf of Mexico, Permian Basin, and Eagle Ford) continued to lag behind," they elaborate. Against this backdrop US oil producers are seemingly more cautious of increasing oil production. However, the duo are positive on the group' s small acquisitions, for they are expected to strengthen its operations and recurring revenue stream. This bodes well for the group' s pivot towards renewable energy projects mainly in solar and wind. Meanwhile, things are looking up for CSE Global' s infrastructure and mining & mineral segments. " These two segments remained resilient despite the pandemic," say Chung and Ling. Revenue from the infrastructure segment was up 40% to $70.3 million in 1HFY21 thanks to higher orders of radio communication and solutions. This came from a strong pipeline of projects across all key geographies in Australia, the UK and the US. Meanwhile, revenue from mining & minerals was down 9.7% y-o-y to $23.9 million in 1HFY21 as two new greenfield projects were awarded last year. Going forward, Chung and Ling expect the infrastructure segment to continue growing on the back of higher government spending on infrastructure projects. The add that the mining & minerals segment is also slated to remain sturdy amidst higher commodity prices. Their comments come despite the 13.0% y-o-y decline in CSE Global' s 1HFY21 new order intake to $210.6 million. This was largely attributable to weakness in the energy segment (-24.9% y-o-y to $106.4 million) due to delays in project awards and the slower-than-expected recovery. New orders for the infrastructure segment continued to grow (+25.1% to $79.7 million) while orders under the mining & minerals segment remained stable excluding last year' s two new greenfield projects (-33.4% y-o-y to $24.5 million). Shares in CSE Global closed down a cent or 1.92% at 51 cents on Aug 16. |
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Octavia
Supreme |
16-Aug-2021 18:38
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CSE Global' s growth presents an attractive yield, says DBS Group Research
https://www.google.com/url?sa=t& source=web& rct=j& url=https://www.theedgesingapore.com/amp/capital/brokers-calls/cse-globals-growth-presents-attractive-yield-says-dbs-group-research& ved=2ahUKEwjhgOvUrLXyAhXijuYKHUJMCacQFnoECAQQAQ& usg=AOvVaw3zyaQHynp9081JUrD_AscR& ampcf=1
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Corian99
Member |
12-Aug-2021 15:22
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Dividend can only do so much. There' s a reason why it gap down so much today. Fact is gearing is getting worse and order book is getting worse. Infrastructure may have a solid showing but I think you' re misled if you think Biden US infrastructure is going to boost this respect significantly, given that CSE Global Infrastructure is overwhelmingly supported by Australia operations at 40+%, not to mention UK and NZ. When 1 of your 2 key industries is hit hard, it' s just hard to expect improvements in share price even mid term. Disclaimer that I' m long term Bull ever since Temasek hopped on.
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beng1102
Elite |
12-Aug-2021 13:59
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They have kept the dividend and so it should give good support. Also company has exposure to US which recently approved trillion dollar infrustructure fund.
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Corian99
Member |
12-Aug-2021 12:15
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I think got room to drop below 50c. Result legit jialat and you never like it when management reiterate goal of profitability rather than improving from weak results
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beng1102
Elite |
12-Aug-2021 11:55
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Likely to continue hovering between 0.51 and 0.54.
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ayy002
Senior |
12-Aug-2021 09:08
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long way to go. | ||||
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PhillipTan
Supreme |
12-Aug-2021 03:57
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CSE Global H1 profit falls 33.3% amid volatile energy prices, US winterLower revenues and lower favourable exchange differences led to CSE Global' s net profit tumbling 33.3 per cent to S$10.1 million for the first half of this year, from S$15.1 million in H1 2020.Revenue declined by 8.3 per cent to S$234.5 million, from S$255.6 million in the year-ago period. This was partly due to project delays and lower time and material revenues in the Americas region affected by the Covid-19 pandemic, said CSE. The company, which provides infrastructure-engineering services and telecommunications solutions and manufactures process-control and automation equipment, added that the severe winter in the US during the first quarter as well as volatile energy prices had also weighed on revenue. The Americas contributed 58.6 per cent of revenue in the first half, while the Asia-Pacific region on the one hand, and Europe, the Middle East and Africa (EMEA) on the other, contributed 38.9 per cent and 2.5 per cent respectively. While revenue from the Americas declined 20.2 per cent during the six months, the Asia-Pacific region recorded a 11.9 per cent growth from higher recognition of revenue from infrastructure projects in Australia. EMEA revenue tripled on the back of contributions from new acquisitions in the UK. Earnings per share stood at 1.97 Singapore cents for the six months ended June 2021, down from 2.96 cents in the corresponding period last year. CSE' s board recommended an interim cash dividend of 1.25 cents per share, unchanged from the year-ago period. It will be paid on Sept 2, after the books are closed on Aug 19. Group managing director Lim Boon Kheng said CSE secured a healthy pipeline of projects in excess of S$200 million in the first half of the year. " In particular, we see opportunities in the infrastructure sector, with the need for more public infrastructure projects alongside growing digitalisation, automation, physical and cybersecurity requirements," he said. The group' s order intake in H1 2021 fell by 13 per cent year on year to S$210.6 million, as a result of lower orders in the energy sector due to delays in project awards and the slower-than-expected recovery in demand for industrial automation systems and services. On the other hand, new orders for the infrastructure sector rose 25.1 per cent to S$79.7 million, with higher orders of radio communication and solutions due to a stronger pipeline of projects across Australia, the UK and the US. Shares of mainboard-listed CSE rose 3.9 per cent or S$0.02 to close at S$0.54 on Wednesday, before it announced its results. |
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Octavia
Supreme |
11-Aug-2021 22:03
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Still profitable and a decent result despite the pandemic and delays in recognition of projects. | ||||
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Octavia
Supreme |
11-Aug-2021 21:56
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CSE Global' s 1HFY2021 earnings down by a third, plans dividend of 1.25 cents CSE Global&rsquo s earnings for 1HFY2021 ended June 30 has dropped by a third to $10.1 million, on the back of a 8.3% decline in revenue to $234.5 million for the same period, as projects got delayed which affected revenue recognition. Even so, group managing director Lim Boon Kheng calls the results &ldquo resilient&rdquo , given the on-going pandemic and uncertain economic outlook. The company&rsquo s order book as at June 30 was $212.1 million. &ldquo We see opportunities in the Infrastructure sector with the need for more public infrastructure projects, alongside growing digitalisation, automation, physical and cyber-security requirements,&rdquo says Lim. The company plans to pay an interim dividend of 1.25 cents per share. CSE Global shares closed Aug 11 at 54 cents, up 3.85% for the day and up 12.5% year to date. |
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actan99
Master |
11-Aug-2021 13:50
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This company got some exposure to US america side right ? Yesterday US senate passed bill of 1 trillion infrastructure bill, maybe some projects there will benefit CSE global somehow ?? Possible ? |
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beng1102
Elite |
11-Aug-2021 10:19
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That mean market is expecting good result and likely insiders are buying ahead of time.
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ayy002
Senior |
11-Aug-2021 09:38
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Results to be annouced today after trading hours. | ||||
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beng1102
Elite |
11-Aug-2021 09:32
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CSE now looks strong. Bought at 0.535. Can buy!
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ayy002
Senior |
06-Aug-2021 14:36
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Temasek scoop up 10% of AEM | ||||
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bystander1965
Supreme |
05-Aug-2021 18:41
Yells: "What I say is just my assessment. DYODD" |
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I beg to differ. The financial statements say it all. But to each his/her own.
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