CSE Global

[Nick]

I don't think temasek has a stake in CSE...

[egghead]

Temasek used to own about 40% of CSE but had long divested it. Remember that CSE used to be under ST group and was formed as a result of MBO in 1997.

[dzwm87]

Chartered Asset Management (Fund manager Collin Lee) bought the stakes from Temasek. If you do a search using NLB's Factiva tool, there is an old news article on it.

CAM also has stakes in Boustead - the famous value play in this forum

Yep, egghead is right. Tan Mok Koon was part of the MBO team as well. Obviously, they recognise their business scope has a special niche in the industry.

[Thriftville]

Thanks buddies!

Would it be better if Temasek owns a stake? so that they are able to secure projects with more gov backing.

[Nick]

CSE derives > 90% of its revenue overseas so I don't think Temasek will have much influence here.

[Nick]

Buying activity - up 11% with 2.7 million shares traded.

[dzwm87]

Crude oil prices rallied quite a lot yesterday.

Overall, I believe LT growth for CSE is still attractive.

[Some-one]

forex risks is pretty high for CSE Global. Other than that, the order book is quite good. Queue for 5 lots using CPF but in the end, kanna pfill with only 1 lot....

[Musicwhiz]

Business Times - 29 Feb 2012

Project cost overruns slash CSE profit by nearly half

By CARINE LEE

CSE Global reported a 47 per cent decrease in earnings to $27.66 million for the year ended Dec 31, 2011. The Singapore-listed technologies group's performance was weighed down by its telecommunications division, which saw project cost overruns of $21.7 million ($18 million after tax) and an operating after-tax loss of $10.7 million.

The project cost overruns in the Middle East and the operating loss was in spite of a profit of $0.7 million for its newly acquired Australian telecommunication business, Astib Group.

CSE acquired Astib Group in January 2011 and accounted for the cash acquisition of $39.4 million in this reporting year.

The telecommunications sector also revved up the group's working capital requirements.

CSE said it suffered cash deficit from operating activities of $6.9 million due mainly to increased working capital to fund its telecommunication division.

True to market expectations, turnover crept up 2 per cent to $457.19 million ($448.09 million), on the back of $359 million revenue from its healthcare, environmental and automation divisions.

Higher revenue recognition in the group's automation business in Australia and the consolidation of Astib Group made Asia Pacific the group's most profitable geographical region.

The Asia Pacific segment posted a 17.2 per cent increase in revenue to $139.82 million and a 22 per cent rise in profit to $20.38 million. Europe, Middle East and Africa was the only region to record a drop in revenue, slipping 8.2 per cent to $159.76 million. Profit for the region fell 39.1 per cent to $13.16 million.

CSE's earnings per share for FY2011 was nearly halved to 5.36 cents, down from 10.47 cents a year ago. The group halved its proposed first and final dividend to 2 cents per share from 4 cents per share for FY2010.

(Not Vested)

[dzwm87]

Released an announcement about the concerned delayed approval of engineering design

As expected, it was simply delayed to FY2012