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Latest Forum Topics / Chip Eng Seng  Post Reply
ChipEngS - Low PE, High Yield and High NAV in One
tangsookiam1947
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05-Dec-2015 11:37     
 
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Looking at CES from a different perspective, if construction arm RNAV = $0.24,

mr market is valuing the development arm to be only $0.435????

How could this be?  Alex project RNAV is already more than $0.40. And we have so many other development projects.

Investors will soon realize that the value of sum of parts is much much bigger than the integrated whole.

Patience will pay off..
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tangsookiam1947
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05-Dec-2015 11:33     
 
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The cash holding in CES  is more than $0.70... no need for cash from spin off to pay off loan :)
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edwinjup
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05-Dec-2015 11:19     
 
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 Alert Admin 		Ya...feel that the spin off is getting some.$ to pay the outstanding loan.....not going to rewards shareholders with shares....nav and profit will drop sharply after the spin off??

Qanghoo      ( Date: 05-Dec-2015 10:09) Posted:



It' d be great if they do, but I doubt it.  Otheriwise, might have come in the same announcement. 

edwinjup      ( Date: 05-Dec-2015 08:21) Posted:

Will they give shareholders some goodies.like boustead.....or like tritech.....but both price surge before.spin off and drop like crazy after spin of
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Qanghoo
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05-Dec-2015 11:17     
 
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What abt the potential interest-cost savings (n lowering of gearing) from the spin off?  Of course as shareholders, it' s natural for us  to hope for a bite of the cherry.  But suppose the coy decides to keep the proceeds (or a large portion of it) to retire debt, it might just make the coy even  stronger n leaner going forward n save the proverbial goose to lay more golden eggs for longer.  So, all in all, I maintain that this CES is a good stock to long. 

tangsookiam1947      ( Date: 05-Dec-2015 11:01) Posted:



For the case of CES, its RNAV was estimated to be in the region of > $2. RNAV computation below included all known projects.


 

Current NAV = $1.18 (September 2015)


ADD

Revaluation Gain from Park Hotel Alexandra = $0.25


ADD

High Park Residence = $0.20 (TOP 2018)


ADD

Tower Melbourne (Australia) = $0.20 (TOP 2019)


ADD

Fulcrum = $0.05 (TOP early 2016)


ADD

Sales of Land (with planning approval) at Victoria + Doncaster Project = $0.06

(TOP 2016)


ADD

Remaining portion of Nine Residence/Junction 9 = $0.05 (TOP end 2015/early 2016)


ADD

Investment property profit = $0.015 per annum


ADD

Construction arm EPS = $0.04 per annum

Assuming a P/E of 6, RNAV of construction arm =$0.24[1]


MINUS

Dividend = $0.04 per annum


 

RNAV = $2.09 by end of 2019.[2]
 


[1] CES had just announced plans to spin off its construction arm on 4 Dec 2015.

 


[2] The potential earnings from the recent purchase of industrial land in Australia (Oct 2015) for redevelopment to residential units have not been included. The potential earnings from the recent JV in Vietnam has also not been included.

 

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tangsookiam1947
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05-Dec-2015 11:01     
 
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For the case of CES, its RNAV was estimated to be in the region of > $2. RNAV computation below included all known projects.


 

Current NAV = $1.18 (September 2015)


ADD

Revaluation Gain from Park Hotel Alexandra = $0.25


ADD

High Park Residence = $0.20 (TOP 2018)


ADD

Tower Melbourne (Australia) = $0.20 (TOP 2019)


ADD

Fulcrum = $0.05 (TOP early 2016)


ADD

Sales of Land (with planning approval) at Victoria + Doncaster Project = $0.06

(TOP 2016)


ADD

Remaining portion of Nine Residence/Junction 9 = $0.05 (TOP end 2015/early 2016)


ADD

Investment property profit = $0.015 per annum


ADD

Construction arm EPS = $0.04 per annum

Assuming a P/E of 6, RNAV of construction arm =$0.24[1]


MINUS

Dividend = $0.04 per annum


 

RNAV = $2.09 by end of 2019.[2]
 


[1] CES had just announced plans to spin off its construction arm on 4 Dec 2015.

 


[2] The potential earnings from the recent purchase of industrial land in Australia (Oct 2015) for redevelopment to residential units have not been included. The potential earnings from the recent JV in Vietnam has also not been included.

 
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Qanghoo
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05-Dec-2015 10:09     
 
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It' d be great if they do, but I doubt it.  Otheriwise, might have come in the same announcement. 

edwinjup      ( Date: 05-Dec-2015 08:21) Posted:

Will they give shareholders some goodies.like boustead.....or like tritech.....but both price surge before.spin off and drop like crazy after spin off

victortan      ( Date: 05-Dec-2015 00:39) Posted:



read at SGX, CES gg to list it construction, good or bad?


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edwinjup
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05-Dec-2015 08:21     
 
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 Alert Admin 		Will they give shareholders some goodies.like boustead.....or like tritech.....but both price surge before.spin off and drop like crazy after spin off

victortan      ( Date: 05-Dec-2015 00:39) Posted:



read at SGX, CES gg to list it construction, good or bad?

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ecekca
Elite
05-Dec-2015 02:08     
 
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 Alert Admin 		To get a better price for their other biz maybe

hfjdhy      ( Date: 05-Dec-2015 01:12) Posted:



Similar to Lum Chang and LC Development. 

Eventually, may dilute the construction arm or sell off their property arm

victortan      ( Date: 05-Dec-2015 00:39) Posted:



read at SGX, CES gg to list it construction, good or bad?


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hfjdhy
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05-Dec-2015 01:12     
 
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Similar to Lum Chang and LC Development. 

Eventually, may dilute the construction arm or sell off their property arm

victortan      ( Date: 05-Dec-2015 00:39) Posted:



read at SGX, CES gg to list it construction, good or bad?

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victortan
Elite
05-Dec-2015 00:39     
 
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read at SGX, CES gg to list it construction, good or bad?
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tangsookiam1947
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01-Dec-2015 13:04     
 
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NOVEMBER 2015

TM PROJECT UPDATE

We acknowledge that Tower Melbourne has been
delayed close to 2 years now due to the legal dispute
with the adjoining owner who has raised objections in
regards to the proposed protection works that form
part of the demolition procedures involved to
demolish the existing building on the project site.
We fully understand, and share your frustration with
this delay. No one wants to see Tower Melbourne
completed more than we do. To that end, we remain
fully committed to seeing this vision realised.
This has been a long and drawn-out situation, it has
been frustrating for us all, but we know that the end
result will be worth the wait.
While the dispute concerning protection works is
currently ongoing, we are now confident that we have
made considerable progress through the process that
has been forced upon us.
Previously we advised of the removal of a number of
legal actions taken by the adjoining owner. The
remaining matters are now more streamlined and have
been progressed. Consequently, we do expect to obtain
some positive results within the next month or so.
There will be further matters that will need to be
completed before works can re-commence, and
unfortunately we do not have a date that we are able to
advise when that will occur.
At this time we can only advise we are progressing.
The end of the delay is getting closer. Works will
recommence, it is purely a matter of time and process
to enable this to occur.
Once more, we reiterate our continued commitment to
Tower Melbourne, and again thank you for your
continued patience and understanding in this matter
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tangsookiam1947
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26-Nov-2015 16:40     
 
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there is update on the TM website
http://www.towermelbourne.com.au/ima...15_ENGLISH.pdf

 

seemed that TM should be going ahead after all the long wait by investors and buyers....

 

~20 cents EPS for CES .....
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Lionel84
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24-Nov-2015 20:45     
 
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 Alert Admin 		LOL

ecekca      ( Date: 24-Nov-2015 19:24) Posted:



yes. have to be flexible in this dangerous market.


 

Lionel84      ( Date: 24-Nov-2015 09:07) Posted:



you have a really flexible strategy:) 

 


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ecekca
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24-Nov-2015 19:24     
 
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yes. have to be flexible in this dangerous market.


 

Lionel84      ( Date: 24-Nov-2015 09:07) Posted:



you have a really flexible strategy:) 

 

ecekca      ( Date: 23-Nov-2015 20:07) Posted:



Might go up to hit 0.74

Range bound trading


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Lionel84
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24-Nov-2015 09:07     
 
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you have a really flexible strategy:) 

 

ecekca      ( Date: 23-Nov-2015 20:07) Posted:



Might go up to hit 0.74

Range bound trading

bishan22      ( Date: 23-Nov-2015 14:06) Posted:

No turning back after 7. No more cheap cheap
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ecekca
Elite
23-Nov-2015 20:07     
 
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Might go up to hit 0.74

Range bound trading

bishan22      ( Date: 23-Nov-2015 14:06) Posted:

No turning back after 7. No more cheap cheap.

Lionel84      ( Date: 23-Nov-2015 13:44) Posted:



breaking out of 50, 100 MA...RSI and reverse candlestick indicate a BUY...


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bishan22
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23-Nov-2015 14:06     
 
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 Alert Admin 		No turning back after 7. No more cheap cheap.

Lionel84      ( Date: 23-Nov-2015 13:44) Posted:



breaking out of 50, 100 MA...RSI and reverse candlestick indicate a BUY...

rabbit123      ( Date: 23-Nov-2015 13:03) Posted:

0.60c will be the good price to buy in base on the chart .....
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Lionel84
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23-Nov-2015 13:44     
 
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breaking out of 50, 100 MA...RSI and reverse candlestick indicate a BUY...

rabbit123      ( Date: 23-Nov-2015 13:03) Posted:

0.60c will be the good price to buy in base on the chart .....



tangsookiam1947      ( Date: 23-Nov-2015 11:59) Posted:



assuming CES made 3.5 cents EPS for Q4 plus revaluation gain of say $0.25 for its hotel,  its book NAV should hit around $1.45.

Applying a deep discount of 35 cents, one would get around 95 cents.

 

Given that more than 90% of High Park Residence has already been sold off, Doncastor project (in Australia) doing well, Victoria land sales (already done), what is the real downside risk for CES?

1. TM project will get delayed but it is likely to be constructed in the end. If not, CEL will convert it into office building for rental.

2. Fulcrum will be relaunched in early 2016.

 


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rabbit123
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23-Nov-2015 13:03     
 
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0.60c will be the good price to buy in base on the chart .....



tangsookiam1947      ( Date: 23-Nov-2015 11:59) Posted:



assuming CES made 3.5 cents EPS for Q4 plus revaluation gain of say $0.25 for its hotel,  its book NAV should hit around $1.45.

Applying a deep discount of 35 cents, one would get around 95 cents.

 

Given that more than 90% of High Park Residence has already been sold off, Doncastor project (in Australia) doing well, Victoria land sales (already done), what is the real downside risk for CES?

1. TM project will get delayed but it is likely to be constructed in the end. If not, CEL will convert it into office building for rental.

2. Fulcrum will be relaunched in early 2016.

 

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tangsookiam1947
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23-Nov-2015 11:59     
 
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assuming CES made 3.5 cents EPS for Q4 plus revaluation gain of say $0.25 for its hotel,  its book NAV should hit around $1.45.

Applying a deep discount of 35 cents, one would get around 95 cents.

 

Given that more than 90% of High Park Residence has already been sold off, Doncastor project (in Australia) doing well, Victoria land sales (already done), what is the real downside risk for CES?

1. TM project will get delayed but it is likely to be constructed in the end. If not, CEL will convert it into office building for rental.

2. Fulcrum will be relaunched in early 2016.

 
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