CSE Global - CSE Global target raised to $1.35 by Citi; Keeps Buy

Stock Name: CSE Global
Company Name: CSE GLOBAL LTD
Research House: Citigroup

Citigroup lifts CSE Global (544.SG) target price to $1.35 from $0.90, based on 11x forward P/E, after increasing 2010-2011 earnings estimates by 10–20%, says Dow Jones. Keeps Buy call.



Research house says industrial systems integrator for oil & gas sector highly leveraged to oil & gas production cycle.

“With oil prices sustaining above US$70 (a barrel), the overall investment cycle remains upbeat. CSE is also exposed to downstream-related projects, such as LNG and refineries, which are going on strong in the Middle East,” says Citi.



Expects $550 million worth of new orders by end-2010 vs $150 million secured year to date.



Shares +2.6% at $1.00.