Broker Name: Lim & Tan Securities
Date of Report: 20 November 2025
Excerpt from Lim & Tan Securities report
- CSE Global reported strong 3Q2025 results, with revenue up 20.5% year-on-year to S\$257.7 million, mainly driven by its Electrification segment in the Americas, and new strategic partnership with Amazon to target data centre opportunities.
- The company’s revenue mix was 56.9% Electrification, 23.9% Communications, and 19.2% Automation, with substantial new orders across segments, signalling success in capitalizing on megatrends like electrification, urbanisation, and AI.
- CSE Global’s share price has risen 133% YTD, and the stock is rated “Accumulate” with a consensus 1-year target price of \$1.20, implying a 24% potential return, justified by a projected 40% growth trajectory.
- Nvidia posted robust results, with a bullish revenue forecast and strong demand for its AI chips, pushing its shares up and quelling concerns of an “AI bubble”; revenue for the quarter rose 62% to \$57 billion.
- Nvidia’s dominance in AI accelerators remains, despite challenges from US chip export restrictions to China and questions about the sustainability of AI investment, while related stocks like CoreWeave and Nebius also rallied.
- Innotek Ltd is highlighted as a local small-cap tech stock set to benefit from Nvidia’s growth, expecting Nvidia to become a top 10 customer in FY2026, with the AI and data centre segment a potential new growth driver.
- Macro news notes China’s push for pharmaceutical self-sufficiency, and ongoing global diversification away from US assets, though the USD could regain safe-haven status if recession risks rise.
- Key fund flow trends: Institutional investors were net buyers (+S\$137.4m) while retail investors were net sellers (–S\$7.7m) in the week of 10 Nov 2025; sector flows and top traded stocks are also detailed.
- Dividend and special distribution dates for major Singapore-listed companies are listed for investor reference.
Report Summary
- CSE Global delivered strong 3Q2025 results, driven by Electrification and strategic expansion, with a positive outlook and “Accumulate” rating.
- Nvidia’s results reaffirm strong AI demand; Innotek is positioned to benefit from Nvidia’s growth in Singapore.
- China is moving to reduce reliance on US medical imports, and institutional investors were net buyers on SGX in early November 2025.
Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website: https://www.limtan.com.sg
