CSE Global (544) Q1 2024 TU earnings summary

Executive summary

• Q1 2024 revenue rose 23.9% YoY to S$197.5m, led by Electrification project execution; order intake increased 16.7% to S$186.2m and the order book reached S$719.3m, up 49.8% YoY.

• Infrastructure and Mining & Minerals contributed more than 50% of revenue.

Financial highlights

• Revenue increased S$38.0m YoY, led by Electrification (+S$27.5m; +37.1%), Communications (+S$8.5m; +18.8%) and Automation (+S$2.0m; +4.9%).

• A placement of 60m new ordinary shares completed on 25 Mar 2024, raising S$24m gross proceeds.

Outlook and guidance

• A healthy financial performance in 2024 is expected, subject to macroeconomic uncertainties, supported by the S$719.3m order book at 31 Mar 2024.

• Priorities include winning new clients, expanding engineering capabilities in key markets and pursuing acquisitions complementary to Communications and Electrification amid market volatility.

• A steady stream of new orders across segments and a larger recurring revenue base from Flow supported the positive start to 2024.