CSE Global

CSE Global: CIMB upgrades to O/p from U/p. House note that CSE Global tumbled 12% within a day as French-based institutional investor, Amundi pared down its stake. Believe that the market could have undershot CSE’s fundamentals. House upgrade stock on the back of recent underperformance. Maintain earnings estimates and TP of $0.76, still at 6x FY13 P/E, its average during the last crisis.