Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul>
<li>Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: 1.9 mbbl/d at latest CN well.</li>
<li>Water disposal infrastructure operational.</li>
<li>High net cash – The fifth horizontal well at Carrizales Norte (CNB HZ-6) is producing 1.9 mbbl/d of oil (0.95 mbbl/d net to Arrow) with a water cut of 31%.</li>
</ul>


Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: 1.9 mbbl/d at latest CN well.
Water disposal infrastructure operational.
High net cash – The fifth horizontal well at Carrizales Norte (CNB HZ-6) is producing 1.9 mbbl/d of oil (0.95 mbbl/d net to Arrow) with a water cut of 31%.


<ul>
<li>ADX Energy (ADX AU)C; target price of A$1.00 per share: Restarting production at Anshof – The Permanent Production Facility (PPF), with a capacity of 3,000 bbl/d of liquids, has been commissioned and the Anshof-3 well has recommenced production at a rate of 134 bbl/d with no water.</li>
<li>The operation has been undertaken in line with expectations and within budget.</li>
<li>The oil production rate at Anshof-3 is 16% above the rate prior to shut-in.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$1.00 per share: Restarting production at Anshof – The Permanent Production Facility (PPF), with a capacity of 3,000 bbl/d of liquids, has been commissioned and the Anshof-3 well has recommenced production at a rate of 134 bbl/d with no water.
The operation has been undertaken in line with expectations and within budget.
The oil production rate at Anshof-3 is 16% above the rate prior to shut-in.


Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Equity Bottom-Up

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<h2>CHEVRON CORPORATION</h2>
<h3>Equity Research Flash Note</h3>
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<h3>Corporate &amp; Investment Highlights</h3>
<ul>
<li>Chevron’s revenues for 2020 decreased to $94.7bn recording a major percentage drop of 35.37% compared to revenues of 2019. Similar downward trend showed all profitability indicators in 2020 (EBIT, EBT, EATAM). Espe- cially EBT and EATAM recorded a huge drop of -234.63% and -289.57% accordingly. Partial or total lifting of re- strictive measures across the global economy in 2021 contributed to an increase in oil demand, helping the com- pany to recover fast, setting it on track to achieve high profitability. The estimates of revenues for 2021 ranges around $156.2bn while for the first nine months were $114.3bn.</li>
<li>Chevron’srevenuescomefromtwomainbusinesssegments:UpstreamandDownstream.Upstreammainactivi- ties are exploring, producing and transporting crude oil and natural gas and is accounting for an amount of 28% of 2020 total revenues. Downstream focuses mostly on refining crude oil into petroleum products and is the main source of the company’s revenue (nearly 72% in 2020). In 2021 Downstream business unit recorded an increase of 459% in its first three quarters revenues in comparison with revenues of last year due to higher margins on re- fined product sales and demand.</li>
<li>Net losses for 2020 amounted to -$5.5bn compared to $2,9bn net profit of 2019. We expect for 2021 EATAM to increase to the pre-covid levels of $14.0bn partly due to good management, in line implementation of Chevron’s business plan along with the enhanced situation with Covid-19 pandemic, taking also into account that for the first nine months of 2021 EATAM stood at $10.6bn. For 2022, we expect EATAM to continue increasing slightly, rang- ing around $17.19bn.</li>
<li>Capital Expenditures (Capex) amounted to $8.9bn in 2020, compared to $14.1bn in 2019. During the first 3 quar- ters of 2021, Chevron has spent just $5.5bn, compared to $6.9bn during the same period last year. Our esti- mates are that Capex for 2021 will range around $8.1bn due to the company’s policy to reduce their Capital Ex- penditures. In 2022 however, we expect Capex to return to more standard values, nearly $11.2bn, because of better financial stability and more available funds.</li>
<li>Chevron’s EBITDA for 2020 significantly decreased to $12.8bn from $35.6bn of 2019. EBITDA stood at $28.3bn, compared to $9.0bn during the first nine months of 2020, benefiting from the demand increase in oil and sales volumes which led to higher earnings for the company in the first 9 months of 2021. We expect EBITDA to range around $40.7bn in 2021 and $44.7bn boosted from both Upstream and Downstream units.</li>
<li>Debtamountedto$42.8bnasofDecember31st,2020,comparedto$23.7bnin2019.Morespecifically,for2020, the company’s debt was comprised of total finance lease liabilities amounting to $447mn (1,04% of the compa- ny’s total debt), medium and long-term notes and bank loans with a total amount of approximately $31bn and the rest are reclassifications and fair market valuation adjustments of Noble long-term debt, which is an energy com- pany that Chevron acquired. In the first 3 quarters of 2021, debt decreased by 6.9 billion and is expected to fur- ther decrease and reach $33bn at the end of the year.</li>
<li>During the first 9 months of 2021, Chevron reached an agreement to purchase Neste’s Group 3 base oils busi- ness. Through this acquisition, production of crude oil is expected to be more capital efficient and reduce the company’s costs long term. The deal will probably close in the beginning of 2022, due to regulatory reasons.</li>
<li>Oil price fluctuates easily due to new covid developments and variants which affects the demand for the com- pany’s products. The US Government plans to tap into the US oil reserves in order to lower oil’s price. However, if demand for oil and oil products continues to remain high, Chevron will continue to increase their revenues, especially from the downstream and chemicals section.</li>
</ul>
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CHEVRON CORPORATION
Equity Research Flash Note




Corporate &amp; Investment Highlights

Chevron’s revenues for 2020 decreased to $94.7bn recording a major percentage drop of 35.37% compared to revenues of 2019. Similar downward trend showed all profitability indicators in 2020 (EBIT, EBT, EATAM). Espe- cially EBT and EATAM recorded a huge drop of -234.63% and -289.57% accordingly. Partial or total lifting of re- strictive measures across the global economy in 2021 contributed to an increase in oil demand, helping the com- pany to recover fast, setting it on track to achieve high profitability. The estimates of revenues for 2021 ranges around $156.2bn while for the first nine months were $114.3bn.
Chevron’srevenuescomefromtwomainbusinesssegments:UpstreamandDownstream.Upstreammainactivi- ties are exploring, producing and transporting crude oil and natural gas and is accounting for an amount of 28% of 2020 total revenues. Downstream focuses mostly on refining crude oil into petroleum products and is the main source of the company’s revenue (nearly 72% in 2020). In 2021 Downstream business unit recorded an increase of 459% in its first three quarters revenues in comparison with revenues of last year due to higher margins on re- fined product sales and demand.
Net losses for 2020 amounted to -$5.5bn compared to $2,9bn net profit of 2019. We expect for 2021 EATAM to increase to the pre-covid levels of $14.0bn partly due to good management, in line implementation of Chevron’s business plan along with the enhanced situation with Covid-19 pandemic, taking also into account that for the first nine months of 2021 EATAM stood at $10.6bn. For 2022, we expect EATAM to continue increasing slightly, rang- ing around $17.19bn.
Capital Expenditures (Capex) amounted to $8.9bn in 2020, compared to $14.1bn in 2019. During the first 3 quar- ters of 2021, Chevron has spent just $5.5bn, compared to $6.9bn during the same period last year. Our esti- mates are that Capex for 2021 will range around $8.1bn due to the company’s policy to reduce their Capital Ex- penditures. In 2022 however, we expect Capex to return to more standard values, nearly $11.2bn, because of better financial stability and more available funds.
Chevron’s EBITDA for 2020 significantly decreased to $12.8bn from $35.6bn of 2019. EBITDA stood at $28.3bn, compared to $9.0bn during the first nine months of 2020, benefiting from the demand increase in oil and sales volumes which led to higher earnings for the company in the first 9 months of 2021. We expect EBITDA to range around $40.7bn in 2021 and $44.7bn boosted from both Upstream and Downstream units.
Debtamountedto$42.8bnasofDecember31st,2020,comparedto$23.7bnin2019.Morespecifically,for2020, the company’s debt was comprised of total finance lease liabilities amounting to $447mn (1,04% of the compa- ny’s total debt), medium and long-term notes and bank loans with a total amount of approximately $31bn and the rest are reclassifications and fair market valuation adjustments of Noble long-term debt, which is an energy com- pany that Chevron acquired. In the first 3 quarters of 2021, debt decreased by 6.9 billion and is expected to fur- ther decrease and reach $33bn at the end of the year.
During the first 9 months of 2021, Chevron reached an agreement to purchase Neste’s Group 3 base oils busi- ness. Through this acquisition, production of crude oil is expected to be more capital efficient and reduce the company’s costs long term. The deal will probably close in the beginning of 2022, due to regulatory reasons.
Oil price fluctuates easily due to new covid developments and variants which affects the demand for the com- pany’s products. The US Government plans to tap into the US oil reserves in order to lower oil’s price. However, if demand for oil and oil products continues to remain high, Chevron will continue to increase their revenues, especially from the downstream and chemicals section.










CHEVRON CORPORATION: Equity Research Flash Note

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

10 in 10 with Civmec - Providing Australia’s leading turnkey solutions

<figure>
      <img src='https://api2.sgx.com/sites/default/files/2020-03/CSE%20Global%20CEO.png' alt='CSE Global Ceo' />
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    <div class='content-caption'>CSE Global Ceo</div>
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<p>Systematic and detail-oriented by nature, Lim Boon Kheng appears to have found his calling in building enterprises.<br><br>
"My passion has always been to take a home-grown business and develop it into a multi-national company of decent size, with diversified revenues and good cashflows - one that can be sustained for many years," the Chief Executive Officer of SGX-listed IT systems integrator CSE Global Ltd said with a smile.<br><br>
"CSE started as a Singapore company. Our goal is to continue growing as a global organisation with predominantly non-Singapore revenue streams," Lim added.<br><br>
"I'm the third CEO of this organisation, and after me, there will be a fourth, fifth, or sixth. What's important is to lay the right foundation during my time so that my successors can take the business to the next stage."<br><br>
Lim, a Bachelor of Accountancy graduate from the National University of Singapore, joined CSE in 1999 as Group Financial Controller, after holding accounting positions with two other organisations. He was promoted to CSE's Group Managing Director and CEO in 2014.<br><br>
CSE began operations in 1985 as the engineering projects division of Chartered Electronics Industries, the electronics arm of the Singapore Technologies (ST) Group. It started building a regional footprint between 1992 and 1995, before undergoing a management buy-out in 1997, and was renamed CSE Systems &amp; Engineering Pte Ltd.<br><br>
In 1999, CSE Global made its trading debut on the then-Sesdaq second board. A year later, the Group embarked on its international expansion, acquiring companies in US, UK, Australia and Singapore, before transferring to SGX Mainboard.<br><br>
Today, the Group has more than 1,500 employees worldwide, with a network of 41 offices spanning the globe, and generates over 85% of its revenues outside the domestic market.<br><br>
It focuses on providing and installing a variety of control systems, as well as turnkey telecommunication network and security solutions, for the Oil &amp; Gas, Infrastructure and Mining industries.</p>

<p><strong>Reaping the Rewards</strong><br><br>
The Group services large, independent oil majors like BP, Shell, Exxon and Chevron, as well as national oil corporations such as Indonesia's Pertamina and Malaysia's Petronas. It derives more than 65% of revenues from the O&amp;G segment, with more than 90% of customers coming from the US. On the infrastructure side, clients include government agencies, utilities, ports, railways and airports.<br><br>
Over the last few years, CSE Global has extensively restructured its O&amp;G operations to focus on the Americas, jettisoning projects in the Middle East, Africa and Southeast Asia, which were plagued by severe price competition.<br><br>
"Although we're a small player, we were able to build good relationships with our O&amp;G customers over the years," Lim noted.<br><br>
"Previously, when oil prices were depressed and the industry was facing mounting challenges, any supplier that was prepared to invest time and effort to service clients - like we did - reaped the benefits," he added. "As a result, we were able to pick up market share."<br><br>
The industry's downturn and subsequent consolidation then also provided CSE with opportunities. "Through selective acquisitions, and by bringing in new talent from established operators and suppliers that downsized, our skillsets are much wider now than before," he noted.<br><br>
Those strategies are still relevant now, with crude prices hovering at four-year lows below US$30 a barrel. Global fuel demand has been hammered as many governments lock down their economies in a bid to curb the COVID-19 pandemic.<br><br>
"With the current decline in oil price, we now expect a lower order intake in the coming months as compared to the start of the year. Nonetheless, we intend to expand our market share over the next two to three years - especially in the US," Lim said.<br><br>
"Yes, there's gloom and doom in the O&amp;G sector, but we remain pretty optimistic about the medium-term outlook."<br><br>
CSE Global's infrastructure division - which accounts for more than 25% of overall sales - is witnessing a steady flow of orders for the next three to five years in Australia and Singapore.<br><br>
"There are constant requirements by these two governments to improve their infrastructure, whether for ports, railways, airports, power grids, or in Singapore's case - Smart Nation digital transformation initiatives," Lim said.<br><br>
"As a result, our infrastructure division will help to diversify the Group's revenue sources."<br><br>
Its Mining division, however, continues to face slower sales, as the sector remains in the doldrums amidst a protracted recovery.<br><br>
"Cyclical upgrades still need to be done - after all, systems do wear out and break down, while technologies and software have to be upgraded," he noted.<br><br>
"For some mining companies, capex and opex have been delayed for the past 24 to 36 months to the point where these upgrades are now inevitable. Hence, we expect some return to normalcy in terms of spending by clients in this sector."<br><br>
Order book-wise, CSE Global now has the highest order backlog in five years - standing at S$307.3 million as at 31 December 2019, up 70.5% year-on-year, supplemented in part by recent earnings-accretive acquisitions.</p>

<p><strong>Strategy U-Turn</strong><br><br>
So far, the coronavirus outbreak has not dealt a huge blow to the Group's operations, Lim said.<br><br>
"As more travel bans come into play and business continuity plans are activated on a large scale, it may affect our productivity and ability to service projects across jurisdictions," he added.<br><br>
"But the Group's business model of maintaining local teams in our markets will mitigate this issue to a large extent."<br><br>
Meanwhile, CSE Global will continue to beef up its geographical presence and technology offerings through acquisitions. In 2019, the Group spent more than S$60 million to buy four companies that boosted its service capabilities in the energy and mining industries.<br><br>
"We want to acquire companies with complementary solutions and services that will extend our range of offerings in the value chain and strengthen our local presence in those markets," Lim noted.<br><br>
"The target business usually needs to be earnings-accretive and generate good cashflows. Each year, we're looking to close between two and three acquisitions, depending on opportunities."<br><br>
Looking back, Lim attributes CSE Global's stronger fundamentals to a reversal of direction he implemented five years ago after taking the helm.<br><br>
"When the O&amp;G and mining industries were in their boom years, CSE Global became very focused on large projects at the expense of smaller ones. But I wanted a combination of both, and when I took over, we changed course and started to take on more small projects," Lim recalled.<br><br>
That decision delivered handsome rewards - 2019 revenue hit an all-time high of S$451.8 million, up 21% year-on-year, while full-year net profit jumped 19.6% to S$24.1 million. "If we had concentrated only on large projects, it might have had disastrous results," he admitted.<br><br>
"It was our small projects that saved the day - they boosted our cashflows, were faster to turn around and easier to manage. That's why it's critical that we do not just depend on any single engine of growth."<br><br>
Cash is always king, and even more so now with prevailing challenges in the industry. The Group ended 2019 with cash and bank balances of S$58.6 million.<br><br>
"Cashflows are the lifeblood of our organisation, which is why our strategies are focused on cash-generation and cost controls," he added.<br><br>
And when the 54-year-old is not strategising for the Group, he is spending time with his two sons and two daughters, aged five to 18. Family activities include eating, discussions over homework, and playing chauffeur to the kids.<br><br>
"I always impress upon my children the value of discipline and hard work," Lim noted.<br><br>
"In this life, nothing is given to you - you must work for what you want. Although that doesn't necessarily guarantee success, you still need to work hard, and then leave the rest to God."</p>

<p><strong>CSE Global Ltd</strong></p>

<p>Listed on Singapore Exchange since 1999, CSE Global is a global technologies company with an international presence spanning the Americas, Asia Pacific, Europe, Middle East and Africa. The Group has now more than 1,500 employees worldwide, and operates a network of 41 offices across the globe, generating more than 85% of its revenues outside its home market. The CSE Group of companies has been very successful in offering cost-effective, totally integrated solutions to industries in the Oil &amp; Gas, Infrastructure and Mining sectors.<br>
The company website is: <a href="http://edm.sgx.com/a/hBedCOmB86%24MfB91dB5AAAAAAcA/link7"><strong>www.cse-global.com</strong></a>.</p>

<p>Click <a href="http://edm.sgx.com/a/hBedCOmB86%24MfB91dB5AAAAAAcA/link8"><strong>here</strong></a> for the company's StockFacts page.</p>

<p>For the three months ended 31 December 2019 financial results, click <a href="http://edm.sgx.com/a/hBedCOmB86%24MfB91dB5AAAAAAcA/link9"><strong>here</strong></a></p>
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    CSE Global Ceo


Systematic and detail-oriented by nature, Lim Boon Kheng appears to have found his calling in building enterprises.  
"My passion has always been to take a home-grown business and develop it into a multi-national company of decent size, with diversified revenues and good cashflows - one that can be sustained for many years," the Chief Executive Officer of SGX-listed IT systems integrator CSE Global Ltd said with a smile.  
"CSE started as a Singapore company. Our goal is to continue growing as a global organisation with predominantly non-Singapore revenue streams," Lim added.  
"I'm the third CEO of this organisation, and after me, there will be a fourth, fifth, or sixth. What's important is to lay the right foundation during my time so that my successors can take the business to the next stage."  
Lim, a Bachelor of Accountancy graduate from the National University of Singapore, joined CSE in 1999 as Group Financial Controller, after holding accounting positions with two other organisations. He was promoted to CSE's Group Managing Director and CEO in 2014.  
CSE began operations in 1985 as the engineering projects division of Chartered Electronics Industries, the electronics arm of the Singapore Technologies (ST) Group. It started building a regional footprint between 1992 and 1995, before undergoing a management buy-out in 1997, and was renamed CSE Systems &amp; Engineering Pte Ltd.  
In 1999, CSE Global made its trading debut on the then-Sesdaq second board. A year later, the Group embarked on its international expansion, acquiring companies in US, UK, Australia and Singapore, before transferring to SGX Mainboard.  
Today, the Group has more than 1,500 employees worldwide, with a network of 41 offices spanning the globe, and generates over 85% of its revenues outside the domestic market.  
It focuses on providing and installing a variety of control systems, as well as turnkey telecommunication network and security solutions, for the Oil &amp; Gas, Infrastructure and Mining industries.

Reaping the Rewards  
The Group services large, independent oil majors like BP, Shell, Exxon and Chevron, as well as national oil corporations such as Indonesia's Pertamina and Malaysia's Petronas. It derives more than 65% of revenues from the O&amp;G segment, with more than 90% of customers coming from the US. On the infrastructure side, clients include government agencies, utilities, ports, railways and airports.  
Over the last few years, CSE Global has extensively restructured its O&amp;G operations to focus on the Americas, jettisoning projects in the Middle East, Africa and Southeast Asia, which were plagued by severe price competition.  
"Although we're a small player, we were able to build good relationships with our O&amp;G customers over the years," Lim noted.  
"Previously, when oil prices were depressed and the industry was facing mounting challenges, any supplier that was prepared to invest time and effort to service clients - like we did - reaped the benefits," he added. "As a result, we were able to pick up market share."  
The industry's downturn and subsequent consolidation then also provided CSE with opportunities. "Through selective acquisitions, and by bringing in new talent from established operators and suppliers that downsized, our skillsets are much wider now than before," he noted.  
Those strategies are still relevant now, with crude prices hovering at four-year lows below US$30 a barrel. Global fuel demand has been hammered as many governments lock down their economies in a bid to curb the COVID-19 pandemic.  
"With the current decline in oil price, we now expect a lower order intake in the coming months as compared to the start of the year. Nonetheless, we intend to expand our market share over the next two to three years - especially in the US," Lim said.  
"Yes, there's gloom and doom in the O&amp;G sector, but we remain pretty optimistic about the medium-term outlook."  
CSE Global's infrastructure division - which accounts for more than 25% of overall sales - is witnessing a steady flow of orders for the next three to five years in Australia and Singapore.  
"There are constant requirements by these two governments to improve their infrastructure, whether for ports, railways, airports, power grids, or in Singapore's case - Smart Nation digital transformation initiatives," Lim said.  
"As a result, our infrastructure division will help to diversify the Group's revenue sources."  
Its Mining division, however, continues to face slower sales, as the sector remains in the doldrums amidst a protracted recovery.  
"Cyclical upgrades still need to be done - after all, systems do wear out and break down, while technologies and software have to be upgraded," he noted.  
"For some mining companies, capex and opex have been delayed for the past 24 to 36 months to the point where these upgrades are now inevitable. Hence, we expect some return to normalcy in terms of spending by clients in this sector."  
Order book-wise, CSE Global now has the highest order backlog in five years - standing at S$307.3 million as at 31 December 2019, up 70.5% year-on-year, supplemented in part by recent earnings-accretive acquisitions.

Strategy U-Turn  
So far, the coronavirus outbreak has not dealt a huge blow to the Group's operations, Lim said.  
"As more travel bans come into play and business continuity plans are activated on a large scale, it may affect our productivity and ability to service projects across jurisdictions," he added.  
"But the Group's business model of maintaining local teams in our markets will mitigate this issue to a large extent."  
Meanwhile, CSE Global will continue to beef up its geographical presence and technology offerings through acquisitions. In 2019, the Group spent more than S$60 million to buy four companies that boosted its service capabilities in the energy and mining industries.  
"We want to acquire companies with complementary solutions and services that will extend our range of offerings in the value chain and strengthen our local presence in those markets," Lim noted.  
"The target business usually needs to be earnings-accretive and generate good cashflows. Each year, we're looking to close between two and three acquisitions, depending on opportunities."  
Looking back, Lim attributes CSE Global's stronger fundamentals to a reversal of direction he implemented five years ago after taking the helm.  
"When the O&amp;G and mining industries were in their boom years, CSE Global became very focused on large projects at the expense of smaller ones. But I wanted a combination of both, and when I took over, we changed course and started to take on more small projects," Lim recalled.  
That decision delivered handsome rewards - 2019 revenue hit an all-time high of S$451.8 million, up 21% year-on-year, while full-year net profit jumped 19.6% to S$24.1 million. "If we had concentrated only on large projects, it might have had disastrous results," he admitted.  
"It was our small projects that saved the day - they boosted our cashflows, were faster to turn around and easier to manage. That's why it's critical that we do not just depend on any single engine of growth."  
Cash is always king, and even more so now with prevailing challenges in the industry. The Group ended 2019 with cash and bank balances of S$58.6 million.  
"Cashflows are the lifeblood of our organisation, which is why our strategies are focused on cash-generation and cost controls," he added.  
And when the 54-year-old is not strategising for the Group, he is spending time with his two sons and two daughters, aged five to 18. Family activities include eating, discussions over homework, and playing chauffeur to the kids.  
"I always impress upon my children the value of discipline and hard work," Lim noted.  
"In this life, nothing is given to you - you must work for what you want. Although that doesn't necessarily guarantee success, you still need to work hard, and then leave the rest to God."

CSE Global Ltd

Listed on Singapore Exchange since 1999, CSE Global is a global technologies company with an international presence spanning the Americas, Asia Pacific, Europe, Middle East and Africa. The Group has now more than 1,500 employees worldwide, and operates a network of 41 offices across the globe, generating more than 85% of its revenues outside its home market. The CSE Group of companies has been very successful in offering cost-effective, totally integrated solutions to industries in the Oil &amp; Gas, Infrastructure and Mining sectors. 
The company website is: www.cse-global.com.

Click here for the company's StockFacts page.

For the three months ended 31 December 2019 financial results, click here



United States

Chevron Corporation is an integrated energy company with operations in countries located around the world.  The Company produces and transports crude oil and natural gas.  Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

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Chevron Corp (CVX US)

AUCTUS ON FRIDAY - 15/11/2024

Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: 1.9 mbbl/d at latest CN well. Water disposal infrastructure operational. High net...

Auctus Advisors

AUCTUS ON FRIDAY - 12/04/2024

ADX anticipates increasing production from the well to 150 bbl/d. No permanent staff will be required on the site, which should reduce opex.

Auctus Advisors

CHEVRON CORPORATION: Equity Research Flash Note

CHEVRON CORPORATION Equity Research Flash Note Corporate & Investment Highlights Chevron’s revenues for 2020 decreased to $94.7bn...

VRS (Valuation & Research Specialists)

10 in 10 with Civmec - Providing Australia’s leading turnkey solutions

Singapore Exchange Ltd (SGX)

CSE Global Charts Expansion Roadmap

Systematic and detail-oriented by nature, Lim Boon Kheng appears to have found his calling in building enterprises. "My passion...

Singapore Exchange Ltd (SGX)

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