CSE Global Limited (SG:544)
SGX:544
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CSE Global
(SGX:544)
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Rating:58Neutral
Price Target:
S$1.00
▼(-15.25% Downside)
Action:ReiteratedDate:03/03/26
The score is held back primarily by weaker financial quality in 2025—negative operating/free cash flow, higher leverage, and a revenue decline—despite continued profitability. Offsetting this, technicals are strong with clear positive trend signals, while valuation is only moderate given a ~25 P/E and modest ~1.78% yield.
Positive Factors
Recurring service revenue
CSE’s business includes recurring aftermarket, maintenance and long-term service contracts which provide steadier cash flows than one-off projects. Structurally, service revenues support customer retention, smoother revenue visibility, and higher lifetime margins as installed bases require ongoing support.
Negative Factors
Weak cash conversion
A sharp reversal to negative operating and free cash flow in 2025 signals working-capital stress or billing/collection timing issues. Persistent cash-conversion weakness undermines funding for capex, services growth and debt repayment, increasing refinancing and execution risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring service revenue
CSE’s business includes recurring aftermarket, maintenance and long-term service contracts which provide steadier cash flows than one-off projects. Structurally, service revenues support customer retention, smoother revenue visibility, and higher lifetime margins as installed bases require ongoing support.
Read all positive factors
CSE Global (544) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$850.16M
Dividend Yield2.41%
Average Volume (3M)6.29M
Price to Earnings (P/E)18.7
Beta (1Y)0.98
Revenue Growth8.52%
EPS Growth-6.22%
CountrySG
Employees1,503
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)0.03
Shares Outstanding724,138,700
10 Day Avg. Volume5,095,130
30 Day Avg. Volume6,291,166
Financial Highlights & Ratios
PEG Ratio0.54
Price to Book (P/B)2.55
Price to Sales (P/S)0.73
P/FCF Ratio-7.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.36Price Target Upside15.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.07
Revenue Forecast (FY)S$1.12B
CSE Global Business Overview & Revenue Model
Company Description
CSE Global Limited, an investment holding company, provides integrated industrial automation, information technology, and intelligent transport solutions in the Asia Pacific, the Americas, Europe, the Middle East, and Africa. The company offers au...
How the Company Makes Money
CSE Global primarily makes money by executing engineering and systems integration projects and providing ongoing services around industrial automation and communications. Key revenue streams typically include: (1) Project-based engineering and int...
CSE Global Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
56
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.09B | 968.92M | 861.17M | 725.05M | 557.70M | 468.66M |
| Gross Profit | 307.04M | 261.91M | 241.16M | 199.86M | 146.18M | 135.88M |
| EBITDA | 83.94M | 84.79M | 72.39M | 64.17M | 34.05M | 43.13M |
| Net Income | 33.29M | 37.49M | 26.34M | 22.53M | 4.77M | 15.00M |
Balance Sheet | ||||||
| Total Assets | 618.19M | 757.54M | 632.63M | 598.37M | 493.66M | 397.51M |
| Cash, Cash Equivalents and Short-Term Investments | 49.37M | 46.18M | 57.40M | 39.43M | 34.21M | 46.51M |
| Total Debt | 181.32M | 309.70M | 154.64M | 143.20M | 128.09M | 118.95M |
| Total Liabilities | 366.65M | 482.00M | 376.60M | 382.29M | 281.36M | 205.51M |
| Stockholders Equity | 251.54M | 275.46M | 255.99M | 216.15M | 212.30M | 192.04M |
Cash Flow | ||||||
| Free Cash Flow | -22.41M | -95.74M | 12.31M | 37.09M | -16.01M | 19.08M |
| Operating Cash Flow | -1.48M | -67.22M | 33.10M | 55.90M | 10.00K | 29.38M |
| Investing Cash Flow | -4.57M | -241.00K | -33.28M | -24.39M | -45.72M | -15.50M |
| Financing Cash Flow | -63.69M | 57.34M | 19.31M | -16.84M | 25.05M | -17.96M |
CSE Global Technical Analysis
Neutral
1.18
Price Trends
1.22
Negative
1.10
Positive
0.89
Positive
Market Momentum
-0.01
Positive
43.60
Neutral
25.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:544, the sentiment is Neutral. The current price of 1.18 is below the 20-day moving average (MA) of 1.25, below the 50-day MA of 1.22, and above the 200-day MA of 0.89, indicating a neutral trend. The MACD of -0.01 indicates Positive momentum. The RSI at 43.60 is Neutral, neither overbought nor oversold. The STOCH value of 25.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:544.
CSE Global Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | S$868.41M | 15.07 | 9.11% | 1.88% | 11.57% | 0.89% | |
72 Outperform | S$321.00M | 11.33 | 15.61% | 5.52% | 32.76% | 54.96% | |
71 Outperform | S$629.01M | 12.58 | 16.42% | 17.05% | -50.75% | -61.46% | |
63 Neutral | S$1.31B | 31.84 | 3.48% | ― | 4.60% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | S$850.16M | 18.74 | 12.87% | 2.41% | 8.52% | -6.22% | |
51 Neutral | S$413.85M | 32.46 | 3.50% | 1.12% | 22.66% | 83.49% |
* Technology Sector Average
SG:544
CSE Global
1.18
0.76
180.29%
SG:8AZ
Aztech Global Ltd.
0.82
0.18
29.37%
SG:AWX
AEM Holdings Ltd.
4.16
2.92
235.48%
SG:BBW
Azeus Systems Holdings Ltd.
10.70
0.18
1.68%
SG:E28
Frencken Group Limited
2.03
1.08
113.68%
SG:MZH
Nanofilm Technologies International Ltd.
0.64
0.06
9.48%
CSE Global Corporate Events
CSE Global launches strategic review after expression of interest
Mar 5, 2026
CSE Global Limited has initiated a strategic review aimed at maximising shareholder value, following a request from controlling shareholder Heliconia Capital Management and a non-binding preliminary expression of interest for a potential strategic...
CSE Global Restructures Subsidiaries and Boosts Capital in China Unit
Feb 26, 2026
CSE Global has implemented several corporate housekeeping measures across its subsidiaries in the second half of 2025, including renaming its Australian unit Astib Group Pty Ltd to Logic Technologies Pty Ltd and merging Epic Automation, LLC into E...
CSE Global Allows Partial Elections Under Scrip Dividend Scheme
Feb 20, 2026
CSE Global Limited has amended the terms of its Scrip Dividend Scheme, originally adopted in April 2024, to allow shareholders to make partial elections for scrip rather than opting solely for full scrip or full cash. The board has approved a rest...
CSE Global hits record S$1 billion in FY2025 orders on U.S. electrification surge
Feb 16, 2026
CSE Global reported record new orders of S$1.0 billion for FY2025, a 28.3% increase from the prior year, driven primarily by strong growth in its Electrification and Communications segments. The Group’s fourth-quarter order intake more than ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.