very good support at around 87c level ... a break above 92c should test 97c .. watch out for it ... ...
i extract the following report from CIMB ;
(CSE SP / CSES.SI, OUTPERFORM - Maintained, S$0.88 - Tgt. S$1.37, Oil Equipment and Services)
Maintain Outperform on CSE. 4Q09 net profit of S$11.5m (+44% yoy) was broadly in line with our expectations and consensus. We maintain our EPS forecast for FY10-11 and introduce FY12 numbers. Our target price remains unchanged at S$1.37, still based on 11x CY11 P/E (7-year historical average). CSE is trading at attractive valuations of 8x CY10 P/E and remains our top pick among the second-tier O&M plays. We like CSE for its well-diversified global and industrial business model, which will translate to more sustainable and stable earnings. With a strong order book of S$389m, management guides for an improved performance in FY10. We see stock catalysts from order wins in Europe, Middle East and Australia driving share price higher.
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