SINGAPORE (May 6): DBS Research Group is maintaining its “buy” call on oil, gas and telecommunications operator CSE Global, but at a revised target price of 54 cents. This is down 37% or 9 cents from its previous 65 cent call, analyst Ling Lee Keng says in a May 6 note.

The move follows expectations of a contraction in the group’s small oil and gas (O & G) contract renewals due to the protraction of the Covid-19 pandemic.

Ling had previously forecast that the health-turned-economic crisis would have minimal impact on the group oil & gas business.

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