Broker Name: CGS International Securities
Date of Report: February 27, 2026

Excerpt from CGS International Securities report.

Report Summary

• CSE Global reported a strong FY25 net profit of S\$37.5m (+42% yoy), exceeding expectations due to cost discipline and tax savings. Revenue grew 13% to S\$969m, driven by electrification and communications segments, despite a slight EBITDA margin drop from front-loaded costs and one-offs.
• Looking ahead, CGS International expects margin improvement in FY26 as one-off costs ease, with major growth anchored by a five-year, S\$1.5bn alliance with AWS and ongoing expansion in the US data center market. The company maintains an “Add” rating with a target price of S\$1.50, projecting 22% average annual EPS growth for FY26-28.

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