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@ CSE Global's EGM: 28-C Special Dividend Will Be Paid On 13 Jan 2014
SHAREHOLDERS this afternoon approved a resolution for CSE Global to divest 100% of its wholly-owned subsidiary, Servelec Group.
http://www.nextinsight.net/index.php/story-archive-mainmenu-60/919-2013/7768--cse-globals-egm-28-c-special-dividend-will-be-paid-on-13-jan-2014
CIMB says CSE Global to pay 28 cents special dividend and 2.5 cents final dividend
http://www.nextinsight.net/index.php/story-archive-mainmenu-60/919-2013/7681-cse-to-pay-bumper-28-25-cents-dividend-
this one still got a lot of cash after giving the special dividend..going touse for some acquisiton etc...i feel this one wont pan out like ocean sky as ocean sky donno kena takeover at some miserable price...this one still continues as a business right... in the same line???
wait4opp ( Date: 20-Nov-2013 13:12) Posted:
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wow sey
NOW Only 99cents
Must buy on dip.
Special dividends of 28cents.......don't play play
Good to buy still for 28 cents special dividend?
+0.015 Just another one of those gems i spotted reaping their rewards... :)
CSE GLOBAL: Will it return as much as 26-28 cents to shareholders?
http://www.nextinsight.net/index.php/story-archive-mainmenu-60/919-2013/7624-cse-global-will-it-really-return-as-much-as-26-28-cents-to-shareholders-
ozone2002 ( Date: 27-Feb-2013 22:38) Posted:
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Myabaang, today got announcement
Myabaang ( Date: 02-Nov-2013 15:36) Posted:
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YORKSHIRE is set to gain a new listing on the London Stock Exchange, as IPO fever reaches God?s Own County.
The initial public offering of shares in Sheffield software company Servelec is expected to create a quoted company with a market capitalisation of up to £140m.
This would represent a near seven-times return on investment for its Singapore-based owner.
It will be the first Yorkshire flotation since summer 2012, when WANdisco, another Sheffield software company, listed on the junior stock market.
Servelec will be wanting to emulate WANdisco?s soaraway success its offer to the City was three times oversubscribed.
The £40m-turnover company hopes its IPO will help take advantage of opportunities in its markets, which are going through major upheaval. The company serves the national healthcare and blue-chip energy and utilities sectors.
Both are experiencing significant structural and regulatory changes.
Alan Stubbs, chief executive, said: ?The present ownership structure as part of a larger group places a constraint on the management team to capitalise on these exciting opportunities.
?An IPO is the natural next stage of development for Servelec, providing the appropriate platform to drive growth both organically and through acquisition.?
Yorkshire law firm Walker Morris is advising on the main market IPO.
Richard Naish, a corporate partner, said: ?The deal reinforces the increased confidence we have been seeing in the market for IPOs.?
Year-to-date figures from the LSE show that the FTSE 250 is up by more than 20 per cent. The main market has seen 23 IPOs so far in 2013, compared to just 10 at the same time last year.
Mr Naish said that the Servelec IPO is one of the few to be handled outside of London, which reinforces his firm?s strong capital markets heritage.
He added: ?We look forward with confidence to playing our part in helping other clients with IPOs and secondary offerings to grow and expand their businesses.?
Mr Naish is expecting to see more IPOs from Yorkshire companies in the coming year.
He said the combination of pension funds looking for better returns and a rise in asset values means that the markets are ?well and truly open?.
Walker Morris is a long-standing adviser to Servelec and advised on its 3i-backed management buyout in 1995, its £18.6m sale to CSE Global in 2000 and subsequent acquisitions.
CSE Global is a global technology conglomerate listed on the Singapore Stock Exchange and specialises in automation, telecommunication, healthcare and environmental industries.
Mr Stubbs was appointed group chief executive of the business in 2011.
Servelec, founded in 1977, has its origins in the design and manufacture of control systems for the Sheffield steel indus- try.
The company prides itself on its engineering roots and invests heavily in developing new intellectual property. It employs 500 people.
The healthcare division designs, develops and implements electronic patient record and administration software and is a market leader in the mental health and community care sectors.
Servelec is hoping to win contracts supplying software to NHS trusts as the Government winds down the failed National Programme for IT.
The automation division provides mission-critical control systems to large blue-chip companies operating in the oil and gas, nuclear power, water, utilities and broadcast industries.
Richard Last, chairman, said the group has a very promising future as a listed company and will have the opportunity and means to capitalise on many growth opportunities.
Investec is acting as sponsor, adviser, bookrunner and broker.
CSE Global Limited reported 2Q13 results that were generally in-line with ours and the street?s estimate. 2Q core net profit increased 12% YoY to S$12m, mainly due to (i) the lower level of zero-margin revenue in the Middle East and (ii) higher level of more profitable offshore work in the Americas. Separately, the group disclosed that it intends to divest 100% of its ownership in its UK subsidiary through a separate listing on the London Stock Exchange. We are positive on the move. Besides unlocking value, we believe the spin-off would simplify and improve oversight of CSE?s different businesses. Maintain BUY with an unchanged S$0.96 FV.
edwinjup ( Date: 05-Jul-2013 17:12) Posted:
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An encouraging start (CIMB)
In a sub-par growth environment, it is essential for small-to-mid-sized companies to leave no stones unturned. CSE is doing just that, scouring the world for investment opportunities to augment its organic growth. CSE’s internal growth met our expectation for 1Q.
At 23% of our FY13 numbers, 1Q core earnings were broadly in line with our expectation and consensus. We trim our FY13-15 EPS estimates by 2% for slightly lower turnover. Maintain Outperform with a slightly lower target price, still at 8x CY14 P/E, 0.5 s.d. below its 5-year mean. Catalysts could come from M& As as well as stronger orders and quarters.
An encouraging start
CSE made an encouraging start in 1Q. Though revenue fell 11% yoy to S$120m (lower activities across all segments), profitability improved as the group recorded similar earnings (S$12.7m) vs. the previous year. One negative though was the lower-than-expected order intake of S$95.4m. We now expect CSE to secure S$500m orders for FY13 (previously S$550m), leading to our cut in estimates. Its order book stands at S$361m. CSE generated operating cash inflow of S$16.9m (almost double that of 4Q12), bringing its net gearing down to 0.1x from 0.2x as at end-2012.
Segment breakdown
The Middle East underpinned earnings in 1Q. Earnings from MENA jumped 49% yoy as the loss-making projects near completion (the last of which should be delivered in 3Q). Earnings from the US also grew 25% yoy as the group shifted its attention to more lucrative offshore jobs. These two regions helped to offset the drop in profitability in Asia Pacific. Nonetheless, sizeable Australian LNG orders (i.e. Wheatstone) could flow in 4Q. We also expect a stronger pick-up for Asia Pacific in 2H as recognition for the sizeable Ichthys LNG job in Australia and thermal engineering ramps up.
Resilient, diversified model
Investors’ main grouse of dimmer growth prospects (function of scalability) has been priced in. Rather, CSE’s dividend yields in excess of 5% and resilient, diversified business model lend support to our call.
gem stock with good earnings... gd luck dyodd
Steady strides
While not particularly inspiring, 4Q met expectations as CSE continues tomake steady strides.Undemanding valuations and dividend yields in excess of 5% continue to lend support to our call.
At 24% of our FY12 (full-year at 99%), 4Q was in line with our expectations and consensus. We cut our FY13-14 EPS by 7-9% on lower revenue and margin assumptions. We also introduce FY15 numbers. Our target price, pegged at 8x CY14 P/E (0.5 s.d. below its five-year mean), drops accordingly. We maintain Outperform with catalysts from stronger orders, quarters and accretive M& As.
Results in line strong cashflow generation
4Q core earnings of S$11.7m increased by 23% yoy on higher revenue (from shale gas projects in the US and a telecoms project in the Middle East) and better cost control. Gross margins climbed up to 5.4%pts qoq to 36.6% (4Q11: 33.2%). Further, CSE Transtel in the Middle East has returned to profit. This is despite an additional provision of S$1.5m for one of the two significant cost-overrun projects in 2011. These projects are expected to be completed by 1H13. CSE also generated strong operating cashflow of S$35.6m for FY12 (FY11: S$6.9m outflow), bringing net gearing to 0.2x. Lastly, the group declared a final DPS of 2.75 Scts, bringing total DPS to 4.25 Scts (about 40% earnings payout).
Better late than never
Boosted by the telecoms jobs for a North-Western Australian LNG project, CSE bagged strong orders of S$160m for 4Q, bringing total intake to S$499m for FY12. The order book stands at S$385m and we are modelling S$550m orders for FY13.
Asia Pacific to drive 2013 performance
Underpinned by the Australian jobs, Asia Pacific is expected to take on the baton from the US and drive turnover for 2013. However, margins from these contracts are expected to be lower, keeping blended gross margin in the low 30% range (we expect 33.5%). Asia could surprise with a rush of thermal engineering jobs.
ozone2002 ( Date: 21-Jan-2013 23:12) Posted:
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