CSE Global, a systems integration and information technology solutions provider, is poised for a stronger second half of 2025, according to recent analyst reports from CGS International, Maybank, and UOB Kay Hian. The company expects a substantial increase in order wins and earnings, driven by project timings and strategic market positioning, particularly in the US.
In the first quarter of 2025, CSE Global’s order wins fell by 11% year-on-year to S$155m, attributed to delays caused by trade tariffs. However, the company secured a significant $15m (US Dollars) order from a major data centre hyperscaler, highlighting strong momentum in the data centre sector. The management’s decision to raise the dividend payout ratio to a minimum of 50% reflects confidence in the company’s earnings resilience and cash flow stability.
Maybank maintains a “Buy” rating on CSE Global, with a target price of S$0.58, noting that the company is reserving capacity for data centre and utilities market projects in the US. The bank also highlights CSE’s potential as a key beneficiary of the Monetary Authority of Singapore’s SGD5 billion programme.
UOB Kay Hian also retains a “Buy” rating, with a target price of S$0.61, despite a slight earnings revision due to the Singapore dollar’s strength against the US dollar. The company’s first-quarter revenue of S$206m, a 4% increase year-on-year, was driven by strong performances in the communications and automation segments.
Looking ahead, CSE Global’s acquisition of Chicago Communications is expected to bolster its communications network in the Americas, contributing approximately S$1.2m in net profit from May 2025. The company’s healthy orderbook of S$616m, supported by recent order wins, positions it well for future growth.
