On 27 February 2023, CSE Global Ltd (“CSE”) have announced their full year result for 2022. Their financials have deteriorated in 2022 which is not unexpected given the current macro-environment.

They seemed to have decided to maintain the final dividend of SGD0.015 per share which is the same amount as pre-Covid. Admittedly I was expecting them to adjust the payout per share to take into consideration the rights issue towards the end of the year. Maintaining such a payout would definitely mean the company has to payout more cash in total. With earnings that have deteriorated, I would have preferred if they have reduced the dividends accordingly.

There is also some insider purchase recently, which should be an indication of management’s confidence in the company. The average purchase price is around the current the share price so it could be a good level of support.