CSE reported 1Q21 revenue of S$111m (23%/22% of our/consensus FY21F forecasts) and EBITDA of S$10m (20%/18%). We deem the results in line as 1Q21 saw fewer contract executions in the US due to adverse weather; executions should pick up in coming quarters. Reiterate Add with an unchanged TP of S$0.63, still based on 12x P/E (close to 2015-2020 average of 11.3x).
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