Broker Name: Maybank Research Pte Ltd
Date of Report: February 27, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- CSE Global reported strong FY25 results, with PATMI of SGD37.5m, beating forecasts. The company is poised for significant growth in FY26, driven by a ramp-up in US AI data centre orders, including a USD143m contract secured in December 2025 and a new lease site ready by April 2026.
- Orderbook remains robust at SGD709.5m, and CSE expects to triple its data centre capacity by 2027/28, targeting further client acquisition and maintaining a 50% dividend payout guidance. The company is seen as a proxy for the US AI data centre boom and trades at a discount to peers, with a prospective dividend yield of 3% and strong ESG credentials.
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