Company Name: CSE GLOBAL LTD
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.90 |
DBS Vickers upgraded CSE Global to buy from hold and raised its price target to $0.90 from $0.82, saying the company offers a 7% yield and its first-quarter net profit was on the high end of expectations.
CSE is a technologies provider in the industrial automation, telecommunications, environmental and healthcare markets. Its shares were up 2.8% at $0.735 but have lost around 2% so far this year.
CSE sold its 30.94% stake in Malaysia’s eBworx for $21.4 million in cash and this will lead to higher profit and dividends, DBS said. CSE will record a one-time gain of $10.3 million from the sale.
CSE is bidding for six projects each worth $40 million to $100 million in the liquefied natural gas sector in Australia and DBS expects the firm to win at least one.
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