Commodities
CGS International Raises Tai Sin Electric Target to S$0.80 on Strong Demand
CGS International has raised its target price for Tai Sin Electric Ltd (TSE SP) to S$0.80, implying a 52.4% upside from the current price of S$0.525.
The broker cited strong demand in the Cable & Wire (C&W) segment and a better-than-expected performance from its renewable energy solutions (RES) business in Thailand as key drivers for the positive outlook.
Despite a reported FY6/26 net profit decline of 60% yoy to S$10.5m, underlying core PATMI grew 27% yoy to c.S$32.8m, meeting expectations.
CGS International projects a FY25-28F core EPS CAGR of 13% and highlights that lower copper prices could lead to partial reversals of provisions, acting as a share price catalyst.