Stock Name: CSE Global
Company Name: CSE GLOBAL LTD
CIMB in a Mar 26 research report says: "CSE has underperformed the FSSTI by 20% since our last downgrade. Our downgrade on 10 Jan appeared to have been timely. A month later, CSE issued a profit guidance for its 4Q11 results.
"Its current trading price offers a decent entry point. On a 12-month rolling forward core P/E basis, it is trading at 7x vs. a 5-year mean of 11x, peak of 24x and trough of 4x. Based on CY13 earnings, it is trading at 6x, which is cheaper than the average for Singapore small-mid-cap industrials of 8x.
"The stock offers an attractive dividend yield of 7%. Further, there could be scope for a special dividend ($0.01) should the sale of its 29.2%-owned associate Ebworx Berhad (EBWX MK) materialise. We expect CSE to post steady 1Q12 results of $14 million, up 11% y-o-y. Target price of 90 cents. UPGRADE TO OUTPERFORM."
Company Name: CSE GLOBAL LTD
| Research House: CIMB | Price Call: BUY | Target Price: 0.90 |
CIMB in a Mar 26 research report says: "CSE has underperformed the FSSTI by 20% since our last downgrade. Our downgrade on 10 Jan appeared to have been timely. A month later, CSE issued a profit guidance for its 4Q11 results.
"Its current trading price offers a decent entry point. On a 12-month rolling forward core P/E basis, it is trading at 7x vs. a 5-year mean of 11x, peak of 24x and trough of 4x. Based on CY13 earnings, it is trading at 6x, which is cheaper than the average for Singapore small-mid-cap industrials of 8x.
"The stock offers an attractive dividend yield of 7%. Further, there could be scope for a special dividend ($0.01) should the sale of its 29.2%-owned associate Ebworx Berhad (EBWX MK) materialise. We expect CSE to post steady 1Q12 results of $14 million, up 11% y-o-y. Target price of 90 cents. UPGRADE TO OUTPERFORM."
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