Broker Name: Lim & Tan Securities
Date of Report: 20 November 2025
Excerpt from Lim & Tan Securities report.
- CSE Global’s 3Q2025 revenue grew 20.5% year-on-year to S\$257.7 million, mainly driven by strong performance in its Electrification segment in the Americas, and the company secured a strategic partnership with Amazon aimed at expanding data centre opportunities.
- Nvidia delivered strong results and outlook, reinforcing robust demand for AI hardware; locally, Innotek Ltd is expected to benefit from Nvidia’s growth as a top 10 customer in FY2026, positioning it as a tech stock to watch.
- CSE Global is focused on converting its order book into revenue, expanding in developed markets, and capitalizing on megatrends like urbanisation, electrification, decarbonisation, and AI.
- The report maintains “Accumulate” ratings on both CSE Global and Innotek, citing positive outlooks and growth drivers, with CSE’s share price up 133% YTD and further upside expected.
- Market highlights include strong US stock gains following Nvidia’s results, continued institutional net buying on the SGX, and macro trends such as China’s move to reduce US dependence in pharmaceuticals.
Report Summary:
- CSE Global and Innotek are well-positioned to benefit from global megatrends and AI growth, with strategic partnerships and strong order books supporting robust revenue outlooks.
- Institutional investors remain net buyers on the SGX; Nvidia’s positive results boost tech sector sentiment, and China is shifting to reduce reliance on US medical imports amid ongoing trade tensions.
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
