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02 Dec 2010 Singapore
CSE Global Company update -
by Yeo Zhi Bin /CIMB
(CSE SP / CSES.SI, OUTPERFORM - Maintained, S$1.13 - Tgt. S$1.71, Oil Equipment and Services)
Hi fellow forumers,
Here are the following analyst target prices for CSE Global post its results
DBS: Raised its target price from $1.25 to $1.45.
CIMB: Raised its target price from $1.55 to $1.71.
Standard Chartered: Raised its target price from $1.34 to $1.58.
Have a gd weekend.
CSE posted a good set of 3QFY10 results on 11 Nov, after the close of trade.
Revenue rose 7% from $102M in 3QFY09 to $109M in 3QFY10. Net profit rose 19% from $12M in 3QFY09 to $14M in 3QFY10. EPS rose 12% from 2.5SGD cts in 3QFY09 to 2.8SGD cts in 3QFY10.
Excluding FX translation effects, 3QFY10 revenue and net profit would have risen by 14% and 26% respectively.
Some interesting points
4Q should be stronger with more recognition from more projects;
Contract wins should be stronger underpinned by gas projects in UAE, Australia and healthcare projects in the UK
Dividend per share for FY10 should be around 4.0-4.5 SGD cts, (in view of the stronger earnings, better earnings visibility, lower gearing), translating to a dividend yield of 3.6% - 4.0%. If CSE distributes 4.0-4.5SGD cts, it will be 14% - 29% higher than the dividend distributed in FY09.
Do take a look at my remisier blog ernestlim15.blogspot.com for writeups on specific companies and information on investment and finance. Do drop me a note at crclk@yahoo.com.sg if you will like to know the value add services which i can provide.
Have a gd weekend.