Highlights

Strong order intake in 4Q14, bringing fullyear order intake to S$462m – Order book rises to S$255m for FY14 and management expects at least 65% of the order backlog would be executed this year.

Pockets of opportunity available depiste sluggish oil & gas outlook – Despite the challenging outlook, management expects to win more orders from its existing customers but will exercise prudence in selecting jobs in the region.

Increasing profit contribution from Asia Pacific – PAT contribution from Asia Pacific increased to 55% in FY14, benefiting from LNG and mining projects in Australia. Management expects Asia-Pacific region to continue to drive growth.

Investment Action

No stock rating or price target provided, as we do not have coverage on CSE Global Ltd.

Source: Phillip Securities Research - 2 Mar 2015