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CSE Global 2Q18F preview: Systems still go
■ We forecast 2Q18F net profit of S$4.6m (+65.7% yoy, -3.7% qoq). Net profit for 1H18F should form 50.5% of our full-year estimate. ■ We assume steady revenue from O&G and infrastructure projects, and overall GPM of 26.8%. ■ 2Q18F interim DPS of 1.25 Scts (1Q17:1.25 Scts) should be intact given likelihood of positive operating cashflows as large projects hit billing milestones in 2Q/3Q18F. ■ We maintain our Add call and target price. We favour CSE for its net cash position, dividend yield of 6.1% and sustained earnings recovery in FY18F.
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Strategy: Great summer to cherry pick
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Keppel DC REIT Strengthened balance sheet to fuel inorganic growth SINGAPORE | REAL ESTATE (REIT) | 2Q18 RESULTS
3.62 cents DPU declared for 1H18, comprising 2.77 cents advance distribution (1 January to 15 May) and 0.85 cents post private placement (16 May to 30 June) 1H18 revenue and DPU met 50% and 47% respectively, of consensus FY18 expectation Maintain Accumulate; new target price of $1.45 (previously $1.51)
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Check out our compilation of Target Prices
