Maybank Reiterates BUY on CSE Global at S$2.25 After S$190.5 Million of US Contracts

Wed 30 Sep 2026 | Analyst Update

$CSE Global(544.SG) 

The Numbers

Maybank Research reiterated its BUY on CSE Global with a S$2.25 target price after two new US contracts worth a combined S$190.5 million. The first covers power-distribution centres and integrated electrical and control systems for the Calcasieu Pass 2 LNG expansion in Louisiana, executed from 2026 to 2028. The second is a follow-on for the Cheyenne Power Hub in Wyoming, supplying power-distribution infrastructure for an adjacent data centre in 2026 to 2027.

Maybank expects a stronger 2H26 as CSE's new facility reaches a monthly run rate of US$20 million to US$23 million, and says resolving the copper-supply bottleneck could potentially double that run rate. It also forecasts capacity more than tripling by 2027 to 2028, another data-centre customer by 1Q27, and an AWS order of roughly US$250 million to US$350 million for FY27, which it expects could arrive by December. The contracts are secured. The AWS order and the new client are Maybank forecasts, not company-announced orders.

My Personal Take

My first reaction to S$190.5 million was that it was the news. What I almost missed is that the forecast in the same note is larger: the low end of Maybank's AWS range, US$250 million, is about S$320 million at Tuesday's 1.2780 USD/SGD, and no company has announced it. It took me a while to keep the signed and the forecast apart in my head, because both sit under one BUY. A company announcement of the AWS order would change how I weigh this, and so would December passing without one. 🦖

Not financial advice. Iggy's Forensic Compliance Standards apply.