Singapore Stock Market News

CSE Global - An encouraging start

StockFanatic
Publish date: Fri, 17 May 2013, 05:08 PM
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In a sub-par growth environment, it is essential for small-to-mid-sized companies to leave no stones unturned. CSE is doing just that, scouring the world for investment opportunities to augment its organic growth. CSE's internal growth met our expectation for 1Q.

At 23% of our FY13 numbers, 1Q core earnings were broadly in line with our expectation and consensus. We trim our FY13-15 EPS estimates by 2% for slightly lower turnover. Maintain Outperform with a slightly lower target price, still at 8x CY14 P/E, 0.5 s.d. below its 5-year mean. Catalysts could come from M&As as well as stronger orders and quarters.
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