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Solid balance sheet cushions 2Q results at CSE Global

Zavier Ong
Zavier Ong8/12/2016 11:28 AM GMT+08  • 2 min read
Solid balance sheet cushions 2Q results at CSE Global
SINGAPORE (Aug 12): OCBC is maintaining its “hold” call for CSE Global, with a target price of 43 cents.
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SINGAPORE (Aug 12): OCBC is maintaining its “hold” call for CSE Global, with a target price of 43 cents.

This comes as the group’s 2Q16 PATMI from continuing operations declined 28.2% to $5.5 million from a year ago on the back of a 31.9% plunge in revenue to $74.3 million due to lower contributions across all geographic regions, particularly in the oil & gas industry.

2Q16 gross margin from continuing operations improved 7.9 percentage points to 34.4% due to better margins achieved from some completed projects, though the research house believes this is not indicative of a long-term trend.

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