HKG:2238 News 9 January 2026

January 31, 2026, 4:16 PM EST. CSG (ENXTAM:CSG) shares fell 7% over the past week, closing at €30.56, reflecting cooling momentum. The current price is well below a narrative fair value of €55, based on the company's ammunition focus and defense sector prospects. CSG is a key ammunition supplier for European NATO countries, supporting Ukraine, yet limited public financial data and recent IPO volatility cast uncertainty over valuation. Analyst Marek Trnka highlights assumptions around margins and future earnings multiples influencing this gap. Risks include reduced demand from Ukraine or accelerated peace talks impacting contract visibility. Investors are advised to consider these factors and compare defense sector peers like Rheinmetall before reassessing CSG's market standing.