KGI Securities analyst Joel Ng has upgraded CSE Global from ‘neutral’ to ‘outperform’ with a higher target price of 61 cents from 52 cents previously. 

The upgrade comes as Ng views CSE accelerating its transformation into a key infrastructure player in Singapore and Australia, while Temasek’s backing as the new major shareholder of CSE via its unit Heliconia Capital Management will provide “favourable tailwind to new project wins”.

Ng highlights that while CSE was originally focused on oil and gas (O&G), its diversification into infrastructure projects in Australia and Singapore is starting to pay off.

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