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CSE Global
(SGX:544)
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Rating:54Neutral
Price Target:
S$1.00
â–¼(-16.67% Downside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by weak cash generation (negative operating and free cash flow) and rising leverage, despite solid revenue growth and improved profitability versus earlier years. Technical signals are broadly neutral and do not indicate strong momentum, while valuation is reasonable but not compelling enough to outweigh the financial risk flags.
Positive Factors
Strong Revenue Growth
Strong revenue expansion indicates that CSE Global is winning additional engineering and systems-integration work across its target markets. Continued top-line growth can broaden the installed base, support operating leverage, and create more opportunities for follow-on support and upgrade services.
Negative Factors
Negative Cash Generation
Negative operating and free cash flow despite reported earnings creates a meaningful funding constraint. Persistent cash outflows can limit self-funded growth, reduce the pace of debt repayment, and increase reliance on external financing while project execution and working-capital needs remain elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Strong revenue expansion indicates that CSE Global is winning additional engineering and systems-integration work across its target markets. Continued top-line growth can broaden the installed base, support operating leverage, and create more opportunities for follow-on support and upgrade services.
Read all positive factors
CSE Global (544) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$856.30M
Dividend Yield2.01%
Average Volume (3M)7.92M
Price to Earnings (P/E)24.8
Beta (1Y)1.08
Revenue Growth24.78%
EPS Growth21.43%
CountrySG
Employees2,000
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)0.05
Shares Outstanding729,347,350
10 Day Avg. Volume5,083,737
30 Day Avg. Volume7,917,209
Financial Highlights & Ratios
PEG Ratio0.54
Price to Book (P/B)2.55
Price to Sales (P/S)0.73
P/FCF Ratio-7.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.87Price Target Upside55.83% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.06
Revenue Forecast (FY)S$1.18B
CSE Global Business Overview & Revenue Model
Company Description
CSE Global Limited, an investment holding company established in Singapore in 1985, delivers comprehensive industrial automation, information technology, and intelligent transport solutions worldwide. Its operations span the Asia Pacific, the Amer...
How the Company Makes Money
CSE Global primarily makes money by providing engineering and systems-integration services and delivering project-based solutions for industrial clients. Revenue is generally generated through (1) project execution/turnkey delivery, where the comp...
CSE Global Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.09B | 968.92M | 861.17M | 725.05M | 557.70M | 468.66M |
| Gross Profit | 272.68M | 261.91M | 241.16M | 199.86M | 146.18M | 135.88M |
| EBITDA | 72.43M | 84.79M | 72.39M | 64.17M | 34.05M | 43.13M |
| Net Income | 34.35M | 37.49M | 26.34M | 22.53M | 4.77M | 15.00M |
Balance Sheet | ||||||
| Total Assets | 787.37M | 757.54M | 632.63M | 598.37M | 493.66M | 397.51M |
| Cash, Cash Equivalents and Short-Term Investments | 54.75M | 46.18M | 57.40M | 39.43M | 34.21M | 46.51M |
| Total Debt | 282.57M | 264.87M | 154.64M | 143.20M | 128.09M | 118.95M |
| Total Liabilities | 493.50M | 482.00M | 376.60M | 382.29M | 281.36M | 205.51M |
| Stockholders Equity | 293.63M | 275.46M | 255.99M | 216.15M | 212.30M | 192.04M |
Cash Flow | ||||||
| Free Cash Flow | -54.31M | -95.74M | 12.31M | 37.09M | -16.01M | 19.08M |
| Operating Cash Flow | -23.95M | -67.22M | 33.10M | 55.90M | 10.00K | 29.38M |
| Investing Cash Flow | -30.99M | -241.00K | -33.28M | -24.39M | -45.72M | -15.50M |
| Financing Cash Flow | 59.04M | 57.34M | 19.31M | -16.84M | 25.05M | -17.96M |
CSE Global Technical Analysis
Negative
1.20
Price Trends
1.22
Negative
1.34
Negative
1.22
Negative
Market Momentum
-0.02
Positive
44.76
Neutral
20.00
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:544, the sentiment is Negative. The current price of 1.2 is below the 20-day moving average (MA) of 1.22, below the 50-day MA of 1.22, and below the 200-day MA of 1.22, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 44.76 is Neutral, neither overbought nor oversold. The STOCH value of 20.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:544.
CSE Global Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | S$2.25B | 38.90 | 12.58% | 1.81% | 9.88% | 33.33% | |
71 Outperform | S$729.31M | 111.66 | 34.36% | ― | 53.91% | 157.14% | |
70 Outperform | S$297.00M | 9.68 | 84.24% | 9.29% | -5.54% | -22.51% | |
64 Neutral | S$436.06M | 13.08 | 12.44% | 20.35% | -8.15% | -16.22% | |
63 Neutral | S$1.09B | 25.61 | 7.99% | 1.20% | 1.00% | -1.32% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | S$856.30M | 24.79 | 12.07% | 2.01% | 24.78% | 21.43% |
* Technology Sector Average
SG:544
CSE Global
1.18
0.48
68.09%
SG:558
UMS Integration
2.54
1.48
139.85%
SG:8AZ
Aztech Global Ltd.
0.57
-0.02
-3.91%
SG:A31
Addvalue Technologies Ltd
0.20
0.17
607.14%
SG:BBW
Azeus Systems Holdings Ltd.
9.90
-4.60
-31.72%
SG:E28
Frencken Group Limited
2.30
0.88
62.54%
CSE Global Corporate Events
CSE Global Board Reviews Preliminary Strategic Report from Jefferies
Sep 4, 2026
CSE Global Limited has announced an update on its ongoing strategic review, confirming that financial adviser Jefferies Singapore Limited has submitted a preliminary report, which the Board is now evaluating. The company has not provided details o...
CSE Global Wins S$64.3m U.S. Electrification Contract for Data Centre Hub
Aug 14, 2026
CSE Global has secured a major US$49.8 million (about S$64.3 million) contract in the United States to design and manufacture power distribution centres for the Cheyenne Power Hub project. The PDCs will provide critical, safe and reliable power di...
CSE Global Reshapes Subsidiary Holdings and Expands UK Rural Broadband Footprint
Aug 13, 2026
CSE Global has reduced its indirect stake in Malaysian subsidiary Innovative Automation Solutions Sdn. Bhd. from 70% to 49% by selling 180,600 shares to CSE Bestari Sdn. Bhd., resulting in IAS no longer being a majority-owned subsidiary but still ...
CSE Global strengthens board independence with new lead director and committee reshuffle
Aug 7, 2026
CSE Global has appointed Amitava Guharoy as Lead Independent Director, Chairman of the Audit and Risk Committee and a member of the Nominating Committee, following a formal search that involved the Singapore Institute of Directors and a detailed a...
CSE Global Books S$199 Million in 2Q Orders as Order Book Climbs to S$620 Million
Aug 5, 2026
CSE Global reported S$199.1 million in new orders for the second quarter of 2026, a 5.8% year-on-year decline that management attributed largely to timing effects in contract awards amid an uncertain operating environment. Despite the softer quart...
CSE Global Maintains Caution as Strategic Review Continues
Aug 5, 2026
CSE Global has announced that its previously disclosed strategic review remains ongoing, with the board emphasising that there is no certainty any definitive agreement or transaction will emerge from the process. The company said it will provide f...
CSE Global updates market on ongoing strategic review, urges shareholder caution
Jul 3, 2026
CSE Global has announced that its ongoing strategic review remains in progress, with the board emphasizing that there is no certainty any definitive agreement or transaction will result from the process. The company has stated it will make further...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.