Analyst Research Report Snapshot


(SG) CSE Global: Negatives priced in; Reap dividends (BUY)




DBS Bank


04 Mar 2014





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CSE Global Negatives priced in; Reap dividends * FY13 net profit and outstanding orders were below our estimates but superior cash generation led to higher dividends. * Better margins and interest cost savings to drive growth despite lower outstanding orders * Cheap at ex-cash PE of 8.1x vs 9.6x historical ave; S$0.72 TP based on 9.6x FY14F ex-cash PE; implies potential returns of 20% incl 4% yield

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