- \n
- Record order momentum into FY26. <\/strong>FY25 order intake exceeded S$1bn, lifting the order book to ~S$709m. Strong wins in electrification, LNG and data-centre infrastructure provide improved revenue visibility through FY26\u201327.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nElectrification and Data-Centre Demand Accelerating<\/h2>\n\n\n\n
Growth is increasingly driven by grid electrification and hyperscale data-centre power infrastructure. CSE\u2019s engineering capabilities position the group to capture structural investment in power reliability and energy transition projects.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nFY25 Financial Results<\/h2>\n\n\n\n
Revenue increased to S$960.9mn (+11.6% YoY) driven by stronger contribution from the Electrification segment and continued execution of large infrastructure projects. Net profit rose to S$42.6mn (+61.4% YoY), reflecting operating leverage from higher revenue conversion and improved project mix. However, EBITDA margin moderated to 8.6%, impacted by one-off charges including ~S$5.4mn of project provisions and ~S$3mn of automation-related write-offs, which weighed on reported profitability. Excluding these items, underlying margins would have been closer to the group\u2019s medium-term target ~10%.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nValuation & Action<\/h2>\n\n\n\n
We raise our 12-month TP to S$1.79<\/strong> from S$1.08 and maintain OUTPERFORM<\/strong>. Our revised valuation is based on a DCF with 8.4% WACC<\/strong> and 2% terminal growth<\/strong>.<\/p>\n\n\n\n
The higher TP reflects stronger order visibility, improved revenue conversion from electrification and data-centre projects, and a normalisation of profitability following FY25 one-off charges. We expect EBITDA margins to exceed 10% from FY26 onward, supported by a richer project mix and improved operating leverage as revenue scales.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nRisks<\/h2>\n\n\n\n
The company is exposed to currency translation risk and foreign exchange risk as it operates its business in several key markets, with its key market primarily in the United States, Australia and the United Kingdom.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\n
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