In particular, they expect the company’s revenue from electrification works to grow faster this year than in FY2025’s 17%, thanks to record-high electrification order intake of $593 million and a strong order book of $462 million.
Amazon Web Services, unsurprisingly, will anchor CSE Global’s FY2026 growth under a five-year, $1.5 billion alliance, with the new 241,000 sq ft Champion facility tripling existing AWS capacity, positioning CSE Global for multi-year volume ramp-up as production expands.
Tan and Lim have adjusted their FY2026 earnings per share (EPS) estimates by 2%, while their FY2027 EPS estimates remain flat, reflecting higher revenue recognition from the existing orderbook for FY2026. By keeping a valuation multiple of 19 times FY2027 earnings, they have maintained their $1.50 target price.
Various other analysts are similarly bullish. Following the results, Alfie Yeo of RHB Bank Singapore raised his FY2026 and FY2027 earnings by a marginal 1% and 2%, respectively. “Our revenue estimates are increased by 7% each as we expect Amazon orders to scale up going forward, offset by higher expenses and lower margins, in preparation for the ramp up in Amazon’s orders,” says Yeo.
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He expects CSE Global to continue to witness strong revenue growth in the future, driven by Amazon orders, supporting a strong earnings growth projection over the next few years. “We now peg the stock from 20 times to 22 times FY2026 P/E, in view of positive fund flows that will provide tailwind and support for valuation in the Singapore market,” says Yeo, who now values this stock at $1.48, up from $1.22.
For Jarick Seet of Maybank Securities, with its order book of $709.5 million as of Dec 31 2025, further growing to $1.1 billion this year, CSE Global is a “proxy for AI data centres in the US”. Revenue is likely to increase “significantly” after the new lease site for its key data centre customer is ready by April.
This year, Seet expects CSE Global’s net margins to improve slightly to 4%, despite continued expansion costs for its data centre operations, despite revenue growth. “We remain bullish on CSE Global’s outlook and see potential for a multi-year growth story. The company expects to more than triple capacity by FY2027 and FY2028, and we believe it will secure another data centre client by 1QFY2027,” says Seet, whose new target price is $1.52, up from $1.20, based on 25 times FY2026 earnings, up from 20 times.
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John Cheong and Heidi Mo of UOB Kay Hian note that while project provisions and expansion costs weighed down CSE Global’s FY2025 margins, its scale and quality of recent contract wins provide strong medium-term revenue visibility. “Execution discipline and working capital normalisation will be key to translating the record order pipeline into improved operating leverage in FY2026,” state Cheong and Mo. Their new target price of $1.43, up from $1.22, is based on 25 times FY2026 earnings. “We expect continued earnings momentum and stronger operating leverage moving forward.”
Ng Hui Min of Beansprout, citing the company’s healthy order book, has similarly raised her target price to $1.45 from $1.40. At this target price, CSE Global would be trading at 22.8 times FY2026 earnings, with a forward yield of 1.9%. From Ng’s perspective, this valuation level is attractive relative to other US electrical and power infrastructure players.
