| Latest Forum Topics / Chip Eng Seng |
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ChipEngS - Low PE, High Yield and High NAV in One
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Woods30
Veteran |
07-Nov-2015 17:29
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sorry ..beg to differ.... resilient and giv dividends on time... my husband in this for so long... from 2 dollars...every ywar collect dividends ni... damn shiok plus population going to up ...phone like necessity liaw...not private property...
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edwinjup
Supreme |
07-Nov-2015 17:24
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The battlefield is now in Australia....don' t underestimate ....lol
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HazardKoh
Master |
07-Nov-2015 17:18
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I think the golden era is over for construction cum properties developers.. Nowadays not much " meat" left unlike 5 years ago when condos and industrial buildings sold like hot cakes and fetching high price. Examples like Hock Lian Seng, Wee Hur Chip Eng Seng etc... Wee Hur facing the same problem too, not much future projects left, 1 industrial property development launching due for TOP in 2018, in between now to 2018, profit will be back to pre-2010 where majority of their profit comes from construction activities, which means u wun get to see huge profit anymore... maybe consistent small profit of around 1-3 millions per quarter. No more 10million in one quarter type of thing already. So share price for CES and Wee Hur will be steady but no longer " exciting" . For those risk adverse investors, maybe is still ok but for those who wants more return, i think shd look at other counters liao if not u will be bored to death cos u will have to wait a few years for share price to appreciate as the remaining properties are being completed. |
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ecekca
Elite |
07-Nov-2015 16:57
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fundametnal wise, can short?
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ecekca
Elite |
07-Nov-2015 16:56
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better not. no where to hide . park at 3mths FD first and wait for opportunity
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bluekelah
Senior |
07-Nov-2015 16:24
Yells: "lock and loaded..." |
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Some downside risk coming. 1) interest rate up soon causing poor sentiment for property counters 2) Hotel may not break even as tourism is affected by poor global economic conditions (casino resorts business is on downtrend already) 3) TM project still delayed.[legal dispute with the adjoining owner will further delay the resumption of demolition works to 2016] By then CES may have to renew their expiring permits which could be rejected. 4) Debt is still high. 5) Co. not really OPMI friendly, despite bumper profit didn' t pay out much div last round. |
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Woods30
Veteran |
07-Nov-2015 14:57
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ondeed ..better park your money in safer stocks div yielding...Sing tel...
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ecekca
Elite |
07-Nov-2015 14:56
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property downturn. now you hardly see any projects or new projects on the papers. property agents are also have a tough time selling. market is turning bearish or have already turn. when interest rate starts to speak, it will be even worst
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Qanghoo
Supreme |
06-Nov-2015 22:49
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Is it due to property downturn or time lag between recognition of exp n revenue?
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ecekca
Elite |
06-Nov-2015 22:23
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P/B =0.60 But result not good due to property downturn
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Qanghoo
Supreme |
06-Nov-2015 12:13
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Chay, didn' t even know the result came out yesterday. Thx, brother for ur post. |
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tangsookiam1947
Master |
06-Nov-2015 11:52
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A lot of upside for CES 1. High park residence profits have not been included at all. Only upfront expenses have been reflected (e.g. marketing, etc) 2. Nine Residence might continue to contribute up to Q1-2016. (CES seemed to be smoothening its EPS). E.g. Fulcrum will now be TOPing only in early 2016 instead of 2H/2015. Hence, 2016 is expected to be a solid year (with profit booked for the sales of the Victoria Site coming in). 3. Hotel Operation is expected to break even in 2016. 4. Net debt to equity ratio understated due to revaluation of hotel not reflected as of Sept 2015 5. Huge Pile of Cash on hand (more than Market Cap!!!) 6. Resumption (and NOT commencement) of demolition work at TM project |
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tangsookiam1947
Master |
06-Nov-2015 08:49
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Q3 financial statement:- The progressive payment received from buyers caused a huge increase in cash and cash equivalent and led to decrease in net debts. As a result of reduced net debts, the Group' s net debt to equity ratio declined from 0.89 as at 31 December 2014 to 0.68 as at 30 September 2015. For those with some financial knowledge and can read simple financial statement, the net debt to equity ratio had dropped from 0.89 to 0.68. or reduced by 23%, as of Sept 2015. In fact, this drop was understated because CES NAV was understated by around $0.25 due to the hotel revaluation which would only be reflected at Q4 2015 results. Hence, the real impact is that, net debt to equity ratio is in fact even much lower than the stated 0.68 as of 30 Sept 2015. For those who cannot understand simple financial statement, too bad. |
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Qanghoo
Supreme |
05-Nov-2015 21:40
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I' ve always thought this to be a very very solid stock, whatever people might say. I believe TM will be resolved in CES' favour, probably in a few mths. Only thing is that the project timeline is pushed back n will impact timing of profit. But my gut feel is their property business Down Under has a very good potential to reap handsome rewards. Also, despite all the recent pessimism n negative sentiments posed by all the doubting Toms n Janes, CES have shown that they are pretty good at moving the sale of units in their development projects in the midst of a dead local property mkt. Just look at how fantistically well HPR has sold as the most recent example. Now we are only awaiting the re-launch of Fulcrum, which I believe remains their only local project with substantial unsold units. Even if the relaunch is only half as successful as HPR, I guess the impact of a rising interest-rate environment wld still have minimal impact on them. As for their high gearing, I think for so long as they are able to quickly move units in the projects for which they are borrowing to develop, then the high gearing is only cyclical n shd not pose a burden. But of course, financial costs will increase with rising interest, n if TM is delayed, there wld also be an adverse impact on borrowing costs. Nonetheless, I think profit will continue to be solid for next few yrs n div => 4c/share can reasonably be expected. I' m no longer vested cos of the way the px has been forced down. But I am looking for opportunities to jeep again. N I' d hope for CKs to do me a big favour by continuing to keep a lid on the share px for now. This is my personal take on CES. Best to DYODD. |
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victortan
Elite |
05-Nov-2015 21:38
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Agree, this is quite common with property developer. Some issue bond too. So long they are profitable and can pay. Bank are not worry, why should we?
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tangsookiam1947
Master |
05-Nov-2015 20:06
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Page 8 of CES Q3 said - " As regards Tower Melbourne, the dispute with the adjoining owner on the protection method is still on-going. While we remain committed to the erection of this iconic tower in Melbourne, we expect that the on-going legal dispute with the adjoining owner will further delay the resumption of demolition works to 2016." For those with a moderate command of English, it is easy to understand that demolition works had already started previously. Someone pointed out that since demolition works are counted as part of construction work, there should not be any need for CES to reapply for permit under the new ruling. In fact, the Q3 announcement used the word " resumption of demolition works" and NOT " commencement of demolition works" . For people with simple understanding of English, it is easy to understand the difference between the 2 words. For people who don' t read carefully or dont understand simple English, they will be going around to put fear into everyone... _______________ https://urban.melbourne/forum/cbd-tower-melbourne-150-queen-street-226m-residential?page=4 Adrian wrote on Mon, 28/09/2015 - 01:53 According to Mr In the know over at SSC yes it does so in fact the permit itself should stay valid all CEL should need to do is renegotiate contracts with owners to extend sunset clauses. |
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tangsookiam1947
Master |
05-Nov-2015 19:58
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For people with some financial/accounting knowledge - pls refer to page 4 of Q3 results announcements. It is not hard to see that the bulk of CES' s borrowing of $816mil (noncurrent liability) are securitized. What does " securitized&rdquo mean? It means that the loans are backed by assets/projects/investment properties. With all of CES projects selling like hotcake (with the exception of Fulcrum &ndash which will be selling off like hotcake soon), there is almost zero risk of CES defaulting on its loan repayment. When construction is completed, the loan will be pared down accordingly. In fact, it will be worrying if there is no borrowing at all. This shows that the company is not having a lot of projects, developments, etc. For those without financial knowledge, you may continue to " worry" about CES' s " high gearing ratio" . In fact, as CES has yet to reflect the revaluation gain of the hotel into its book NAV, the gearing ratio is now is OVERSTATED. For those with not enough financial knowledge, they will not understand and continue to cry foul. Don&rsquo t need to care much about these people. I treat them as " random noises" in the Market. |
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bluekelah
Senior |
04-Nov-2015 23:25
Yells: "lock and loaded..." |
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Can say bye bye to TM project cancellation, is a matter of time liao once their development permit expire this December. And if interest rates increased by US FED soon things gonna get pretty ugly pretty fast for property stocks and especially those REITs. Last I looked CES gearing still pretty high... |
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rayoflight
Veteran |
04-Nov-2015 17:02
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Sibeh Power! |
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bishan22
Supreme |
04-Nov-2015 16:39
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Mai too liao....
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