Broker: UOB Kay Hian
Date of Report: Thursday, 23 October 2025

Excerpt from UOB Kay Hian report.

• CSE Global (CSE SP) is well-positioned for robust growth, with its electrification business expected to benefit from increasing data centre demand driven by accelerated AI adoption, particularly in the US.
• The company has a healthy orderbook, improving margins, and anticipates further major project wins by the end of 2025, supporting a positive earnings outlook; the stock is rated BUY with an undemanding valuation and a target price of S\$0.85.

Report Summary

• CSE Global’s electrification business is benefiting from strong demand for data centres as AI adoption grows, especially in the US, with recent large contract wins and further major orders expected by end-2025.
• The company’s improving orderbook and margins, bolstered by strategic M&A in the US, support expectations for around 40% year-on-year earnings growth in 2025 and continued mid-term expansion, making its current valuation attractive.

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