DBS Group Research is maintaining its ‘buy’ call on systems integrator CSE Global at a revised target price of 61 cents. 

This is down 3 cents from its previous 63 cent call, but is expected to give the counter an 18% upside from its 51.5 cent price, analysts Chung Wei Le and Ling Lee Keng write in an Aug 13 note.

“We cut FY21/22 earnings by 26%/19% respectively mainly due to our lowered optimism on new order wins for its energy segment. We roll forward our P/E peg from FY21 to FY22 and our target price is based on 11.0x (+1 SD of its four-year historical mean) FY22 earnings,” they add.

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