CSE Global (544) AI Stock Analysis

• Market Cap: $491.44M
• Dividend Yield: 3.32%
• Average Volume (3M): 6.72M
• Price to Earnings (P/E): 17.6
• Beta (1Y): 0.94
• Revenue Growth: 8.52%
• EPS Growth: -6.22%
• Country: SG
• Employees: 1,503
• Sector: Technology
• Sector Strength: 87
• Industry: Information Technology Services
• EPS (TTM): 0.02
• Shares Outstanding: 715,892,640
• 10 Day Avg. Volume: 6,131,140
• 30 Day Avg. Volume: 6,716,343
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.08
• Enterprise Value/Revenue: 0.49
• Enterprise Value/Gross Profit: 1.76
• Enterprise Value/Ebitda: 6.20
• 1Y Price Target: $0.77
• Price Target Upside: 11.66% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 75 Outperform
• Price Target: S$0.50 ▼(-27.54% Downside)

CSE Global's overall stock score is driven primarily by its strong financial performance and attractive valuation. The technical analysis suggests a strong uptrend, though caution is advised due to overbought conditions. The absence of notable earnings call insights or corporate events leaves the score heavily reliant on financials and technicals.

Positive Factors

Dividend Policy

Management's decision to increase the dividend payout ratio to a minimum of 50% underscores confidence in the company’s earnings resilience and stable cash flow.

Earnings Performance

CSE's 2024 earnings of S$26m (+17% yoy) beat expectations by 18%, due to better-than-expected margins.

Order Wins

Order intake rose 3.8% yoy to S$211.3m, with a stronger growth of 7.8% yoy on a constant currency basis.

Negative Factors

Final Dividend

Final dividend was 23% lower on management’s efforts to reinvest in long-term growth.

Order Delays

Order wins declined as customers delayed awards due to uncertainty caused by trade tariffs.

Order Wins Risk

Downside risks include cost overruns and a significant slowdown in order wins.

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 automation solutions, including process control, safety shutdown, fire and gas detection, supervisory control and data acquisition (SCADA), wellhead and subsea control, process skid, electrical drive and high/medium voltage, electrical protection and control, real-time information, and intelligent transport systems, as well as I&E construction and safe secure solutions. It also provides environmental solutions comprising multiple hearth furnaces, fluid bed incinerators, carbon and energy recovery systems, and rotary kiln incinerators. In addition, the company offers telecommunication solutions, including construction communications, fiber optic, microwave radio, conventional and trunked radio, and public address and general alarm systems; VSAT satellite communications, telephone, local and wide area, Internet protocol based, and SCADA and telemetry networks; and CCTV, access control, and FIDS systems. Further, it provides e-business integration, research and development, and computer system integration services; computer network systems; computer systems; infrastructure engineering services; plant and environmental engineering services; contracting resources and permanent placement; and two-way radio services. Additionally, the company distributes electrical engineering equipment; designs and installs high temperature thermal process and incineration systems; designs and develops water treatment and disposal technology; provides commercial building controls and automation services; and leases office and warehouse space. It serves oil and gas, infrastructure, and mining industries. CSE Global Limited was founded in 1985 and is headquartered in Singapore.

How the Company Makes Money

CSE Global makes money through the design, implementation, and maintenance of technology solutions across various industries. The company's revenue model includes project-based contracts for engineering services, recurring income from maintenance and support services, and the sale of proprietary software and hardware solutions. CSE Global partners with leading technology providers to deliver comprehensive solutions tailored to client needs, contributing significantly to its revenue. The company's earnings are also bolstered by its global presence, allowing it to tap into diverse markets and sectors.

CSE Global Financial Statement Overview

Summary

CSE Global exhibits strong financial performance with robust revenue growth and improved profitability margins. The balance sheet shows reduced leverage and healthier equity ratios, though cash flow generation has faced challenges, necessitating better cash management.

Income Statement

CSE Global has demonstrated strong and consistent revenue growth, evidenced by a revenue increase from $725 million in 2023 to $861 million in 2024. The gross profit margin has remained stable, with a slight improvement from 27.6% in 2023 to 28.0% in 2024, indicating efficient cost management. The net profit margin also improved from 3.1% in 2023 to 3.6% in 2024, reflecting enhanced profitability. Additionally, both EBIT and EBITDA margins have shown positive trends, contributing to overall financial stability.

Balance Sheet

The company's balance sheet is relatively strong with a manageable debt-to-equity ratio of 0.60 in 2024, down from 0.66 in 2023, indicating reduced leverage. Stockholders' equity has increased, contributing to a healthier equity ratio of 40.5% in 2024 compared to 36.1% in 2023. Return on equity improved to 10.3% in 2024 from 10.4% in 2023, showing effective use of equity to generate profits. However, the company needs to maintain its focus on managing liabilities to ensure sustained financial health.

Cash Flow

CSE Global's cash flow from operations decreased from $55.9 million in 2023 to $33.1 million in 2024, indicating some challenges in cash generation. Free cash flow also declined to $12.3 million in 2024 from $37.1 million in 2023, attributed to higher capital expenditures. The operating cash flow to net income ratio remains healthy, but the free cash flow to net income ratio has weakened, which could impact liquidity if not addressed.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	861.17M	725.05M	557.70M	468.66M	502.79M
Gross Profit	241.16M	199.86M	146.18M	135.88M	146.20M
EBITDA	72.39M	64.17M	34.05M	43.13M	58.46M
Net Income	26.34M	22.53M	4.77M	15.00M	28.00M
Balance Sheet
Total Assets	632.63M	598.37M	493.66M	397.51M	401.87M
Cash, Cash Equivalents and Short-Term Investments	57.40M	39.43M	24.15M	45.52M	49.39M
Total Debt	154.64M	143.20M	128.09M	118.95M	116.02M
Total Liabilities	376.60M	382.29M	281.36M	205.51M	210.23M
Stockholders Equity	255.99M	216.15M	212.30M	192.04M	191.77M
Cash Flow
Free Cash Flow	12.31M	37.09M	-16.01M	19.08M	29.27M
Operating Cash Flow	33.10M	55.90M	10.00K	29.38M	40.10M
Investing Cash Flow	-33.28M	-24.39M	-45.72M	-15.50M	-9.64M
Financing Cash Flow	19.31M	-16.84M	25.05M	-17.96M	-32.12M

CSE Global Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.69
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:544, the sentiment is Positive. The current price of 0.69 is above the 20-day moving average (MA) of 0.67, above the 50-day MA of 0.63, and above the 200-day MA of 0.48, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 59.31 is Neutral, neither overbought nor oversold. The STOCH value of 56.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:544.

CSE Global Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8AZ	75 Outperform	S$517.10M	12.93	12.72%	16.42%	-50.75%	-61.46%
544	75 Outperform	$491.44M	17.60	10.84%	3.32%	8.52%	-6.22%
E28	66 Neutral	S$610.74M	15.70	9.11%	1.83%	11.57%	0.89%
MZH	64 Neutral	S$475.76M	36.50	3.50%	0.90%	22.66%	83.49%
Sector *	61 Neutral	$35.43B	7.71	-10.08%	1.88%	8.71%	-9.18%
AWX	57 Neutral	S$479.46M	35.17	2.87%	―	4.60%	―
BBW	―	S$468.00M	16.32	86.78%	―	―	―

CSE Global Corporate Events

CSE Global Implements Strategic Restructuring for Enhanced Efficiency

CSE Global Limited has announced a series of strategic changes aimed at streamlining its operations and enhancing efficiency. These changes include the liquidation and striking off of dormant subsidiaries in the Middle East and India, the merger and winding up of several subsidiaries in the United States, and an increase in capital for its wholly-owned subsidiary, CSE Crosscom International Pte Ltd. These moves are part of the company’s ongoing restructuring plan to optimize its organizational structure and improve financial performance.

The most recent analyst rating on (SG:544) stock is a Buy with a S$0.68 price target. To see the full list of analyst forecasts on CSE Global stock, see the SG:544 Stock Forecast page.

CSE Global Secures S$211.3 Million in 2Q2025 Orders Amid Currency Challenges

CSE Global Limited announced securing S$211.3 million in new orders for the second quarter of 2025, marking a 3.8% increase year-on-year. Despite currency volatility affecting the order intake, the Electrification segment led with S$94.8 million in orders, driven by data center demand. The Communications segment saw significant growth with a major contract for a data center communications network, while the Automation segment contributed S$44.1 million in new orders.

The most recent analyst rating on (SG:544) stock is a Buy with a S$0.68 price target. To see the full list of analyst forecasts on CSE Global stock, see the SG:544 Stock Forecast page.

CSE Global Secures $46 Million Contract Variations in U.S. Data Centre Market

CSE Global Limited has secured significant contract variations worth US$46.0 million in the U.S. data centre market, extending its current contract with a hyperscaler customer. This development highlights the company’s growing momentum in the expanding data centre sector, driven by increased demand for cloud services, and is expected to positively impact its financial performance in 2025 and 2026.

The most recent analyst rating on (SG:544) stock is a Buy with a S$0.68 price target. To see the full list of analyst forecasts on CSE Global stock, see the SG:544 Stock Forecast page.

CSE Global Recognized Among Southeast Asia’s Largest Companies

CSE Global Limited has been recognized in the Fortune Southeast Asia 500 list, highlighting its resilience and strong performance amid economic uncertainty in 2024. The company reported a significant revenue increase of 18.8% for the fiscal year 2024, and was also featured in the FT High-Growth Companies Asia-Pacific 2025 list, showcasing its substantial growth rates.

The most recent analyst rating on (SG:544) stock is a Buy with a S$0.68 price target. To see the full list of analyst forecasts on CSE Global stock, see the SG:544 Stock Forecast page.