Rising oil prices and attractive dividend yield underpin UOB Kay Hian Research’s positive view for CSE Global, with analyst John Cheong upgrading the counter to ‘buy’ with a higher target price of 68 cents from 53 cents previously.

“We believe CSE Global (CSE) is well-positioned to leverage on opportunities in the recovering oil sector, making it a safe proxy for the rise in oil prices,” he writes in an April 7 research note. 

Cheong notes that the West Texas Intermediate (WTI) benchmark has recovered 38% from an average of US$44 ($58.98) in 2H2020 to current levels between US$50 - US$66.

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