CGS-CIMB Research analyst Kenneth Tan has maintained his “buy” call and target price of 61 cents on systems integrator CSE Global as he forecasts a potential boost to energy order wins from damage inflicted by Hurricane Ida in the US.
In a Sept 3 report, Tan writes that when Ida hit the Gulf of Mexico and the US state of Louisiana, it shut down about 95% of oil and gas production in the region, and caused significant damage to the state’s infrastructure.
He notes that the US Federal Emergency Management Agency (FEMA) has cited Ida as one of the most catastrophic hurricanes to ever make landfall in the US.
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