CSE Global - Resilient earnings priced in | I3investor

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CSE Global - Resilient earnings priced in

StockFanatic

Publish date: Sat, 28 Feb 2015, 12:27 PM

CSE's 4Q14 core net profit of S$10.4m (+29% yoy) was broadly in line with our and consensus expectations, bringing FY14 core net profit to 104% of our full-year forecast. Despite the deteriorating operating environment, we believe CSE would be able to maintain its profits, given its diversified and maintenance-oriented business model. Hence, we lower our FY15-16 EPS forecasts by 11% (rein in our revenue and margins assumptions) to flatten the group's earnings profile. Our target price, still at 9x CY16 P/E (5-year mean), drops accordingly. At mean forward P/E valuation, we believe its resilient earnings have been priced in, and keep our Hold rating. We will revisit the stock upon stronger-than-expected earnings and orders.

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