Singapore Stock Market News
CSE Global - Fully valued
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Publish date: Fri, 29 Nov 2013, 01:38 PM
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We turn lukewarm on CSE on valuation grounds. At its current share price, we think that there is little difference whether investors take profit for capital gain (since the value accretion from the spin-off has been priced in) or continue to hold the stock for the special dividend of S$0.28/share.
Owing to recent share price outperformance and a lack of other near-term catalysts, we downgrade CSE to Neutral from Outperform. Our FY13-15 EPS and SOP-based target price (implied 13.4x CY15 P/E) remain unchanged. We will revisit the stock if its continuing operations achieve better-than-expected profit growth.
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