CSE Global

[egghead]

I don't think $1 bn revenue can be achieved by FY2013 base on the latest information.

[hongonn]

I am quite uneasy to hear that the key man Tan Mok Koon is going on sabbatical leave for 1 year (what kind of leave is that?) when the company needs him most to steer through this uncertain period.

I not so concerned about the project overrun, because it is going to be 1 off and due to mis-management. But for this delay in approvals it is more unsure for is it in for temporary or this issue going to stay? Or it reflects the current difficulties in securing contracts? Will it get worse or will it get better?

[egghead]

Like dzwm87, I believe the revenue missed will move into Q1-12. This is typical of project revenue recognition by milestones. It is not the same as difficulty in securing order.

The succession plan for Mr. Tan has been announced for about 1 year so I believe there is sufficient time to prepare his management team for this day. Note that Mr. Tan is still a substantial shareholder.

[egghead]

CSE ends the day at $0.845 - recovering sharply from intra-day low of $0.775 but still down from $0.90 the day before.

For FY2011 reports, we should look out for size of order book, and hopefully $0.02 dividend base on past record of distributing 40% of EPS.

[dzwm87]

Like dzwm87, I believe the revenue missed will move into Q1-12. This is typical of project revenue recognition by milestones. It is not the same as difficulty in securing order.

The succession plan for Mr. Tan has been announced for about 1 year so I believe there is sufficient time to prepare his management team for this day. Note that Mr. Tan is still a substantial shareholder.

Yes but also to mention a thing, the management themselves have admitted that succession plan is a problem for them. As quoted by Mr Tan, nowadays, nobody wants to get down dirty with oil and gas industry jobs..

---

Overall, I think the problem is determining whether it is DELAYED or CANCELLED order. Though it wasn't explicitly stated but form the looks of it, I highly suspect it's delayed orders.

I actually secretly hope the price will fall more so I can average down raised the capital only for it to recover decently within a day.

*vested*

[Bibi]

Yes but also to mention a thing, the management themselves have admitted that succession plan is a problem for them. As quoted by Mr Tan, nowadays, nobody wants to get down dirty with oil and gas industry jobs..

---

I dont think management pp actually get down dirty with oil and gas as i cannot imagine KepCorp CEO getting down dirty to help build an oil rig. Management pp only talk. People below do the dirty job. . My lab head when he help out with project trials he actually got scolding from Director. At his level he is too expensive to do dirty job.

[dzwm87]

Yes but also to mention a thing, the management themselves have admitted that succession plan is a problem for them. As quoted by Mr Tan, nowadays, nobody wants to get down dirty with oil and gas industry jobs..

---

I dont think management pp actually get down dirty with oil and gas as i cannot imagine KepCorp CEO getting down dirty to help build an oil rig. Management pp only talk. People below do the dirty job. . My lab head when he help out with project trials he actually got scolding from Director. At his level he is too expensive to do dirty job.

That's true! but i think they were coming from an intention of building a successor from within - somebody who knows the inside out instead of sourcing for outsider business-proven.

In other words, i think it's best to find a Tan Mok Koon no. 2!

[Musicwhiz]

Just curious - do you build your shopping list (screening), do research (FA) and wait for an entry point (good margin of safety); or other sequence?

Sorry for the late reply.

Yeah generally I do screen but the process can take several months to years as I like to follow the business and prospects first. Research is always ongoing and I have my estimates and expectations.

If a decision has been made to invest, then it's a matter of waiting for the right price for entry.

[egghead]

MW, it's ok, no apology required for late reply - I'm grateful that there is a reply

Same here. For me the screening and research is on-going, and then I wait for the moment for those in the shopping list.

[Thriftville]

Hi buddies, anyone has idea how many percent of CSE is owned by temasek?
Thanks!!