CSE Global

CSE Global: DBSV maintains Buy with $1.07 TP. House note that CSE Global is likely to return most of the proceeds, which house estimates to be 26-28c DPS, from the divestment of its UK business. The UK business (~33% of group profit) can fetch higher PE than CSE itself, thus unlocking value for its shareholders. Estimate that CSE will take three years to recover the earnings gap due to divestment of UK business.