Singapore Stock Market News

CSE Global - Steady strides

StockFanatic
Publish date: Wed, 27 Feb 2013, 10:37 AM
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While not particularly inspiring, 4Q met expectations as CSE continues to make steady strides. Undemanding valuations and dividend yields in excess of 5% continue to lend support to our call.

At 24% of our FY12 (full-year at 99%), 4Q was in line with our expectations and consensus. We cut our FY13-14 EPS by 7-9% on lower revenue and margin assumptions. We also introduce FY15 numbers. Our target price, pegged at 8x CY14 P/E (0.5 s.d. below its five-year mean), drops accordingly. We maintain Outperform with catalysts from stronger orders, quarters and accretive M&As.
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