CSE Global - Anaemic 1Q | I3investor

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CSE Global - Anaemic 1Q

StockFanatic

Publish date: Wed, 14 May 2014, 03:29 PM

At 20% of our FY13 forecast, we consider 1Q core earnings of S$7.5m (-13% yoy) to be 8% below our expectation though they were in line with consensus. We were expecting 1Q to come in at 22% of our full-year number. The negative variance stems from lower-than-expected gross margins owing to a delay in the more lucrative offshore projects in the US. We lower our FY14 core EPS by 2% to factor in the earnings miss and cut our FY15-16 numbers by 5-6% on lower margins, leading to a drop in our 8x CY15 P/E-based target price (~0.5. s.d. below its 5-year mean). With an uninspiring 1Q, we maintain Hold as we see limited re-rating catalysts on the horizon.

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