CSE Global (544) Q3 2023 TU earnings summary

Executive summary

• 3Q2023 revenue rose 31.4% YoY to S$185.4m and order intake climbed 82.9% to S$301.6m; the order book reached S$638.0m at 30 September.

• Americas returned to profitability; strong Electrification activity there and Communications contributions from recent acquisitions supported growth and a much better FY2023 outlook.

Financial highlights

• 9M2023 revenue increased 32.6% YoY to S$534.7m from S$403.3m.

• 9M2023 order intake rose 18.1% YoY to S$692.6m.

• Order book was S$638.0m at 30 September, up 54.6% from S$412.8m in September 2022 and versus S$480.1m at 31 December 2022.

Outlook and guidance

• On track to achieve record FY2023 order wins of S$1bn; more Infrastructure opportunities are anticipated in coming quarters.

• Steady awards of small greenfield, brownfield and maintenance projects, plus two contracts totaling S$150.6m announced 17 October, are expected to strengthen the order book.

• The S$638.0m order book and positive Americas turnaround support expectations for much better FY2023 financial performance.

• Plans include expanding engineering capabilities and technology solutions in automation, electrification and critical communications to pursue new markets.