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ChipEngS - Low PE, High Yield and High NAV in One
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Joelton
Supreme |
13-Nov-2021 11:52
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Chip Eng Seng: likely to incur a net loss for FY2021 ending December
The property company is likely to incur a net loss for FY2021 ending December, but the loss will be narrower than the S$81.1 million incurred in FY2020, it announced in a Friday bourse filing.
While Chip Eng Seng was in the black for H1 this year, it has suffered construction labour shortage, supply-chain disruptions for construction materials, border-control measures and steeper operating costs.
On the property development front, two projects, Kopar at Newton and Parc Komo, have been hit by construction delays, leading to lower-than-expected revenue recognition. Both are now expected to be completed in 2023.
Sales at Parc Komo stood at 80.1 per cent as at Nov 8, from 67 per cent on Aug 3. Sales at Kopar at Newton are at 58.2 per cent, up from 51.9 per cent over the same period.
Chip Eng Seng said it will continue to exercise caution in acquiring land plots and projects for its property development business.
Meanwhile, its construction business is performing significantly better in than in FY2020, when the industry had to put work on hold because of the pandemic measures. However, due to labour and raw material challenges, handover dates for some projects have been extended.
On the hospitality side, Chip Eng Seng&rsquo s hotels in Australia and the Maldives have posted marginal recovery in occupancy rates and revenue. But there has not been significant recovery for its Singapore hotel, Park Hotel Alexandra, which operates as an isolation facility. Hospitality revenue is set to increase, but there may be impairment in the value of the hotel properties.
Chip Eng Seng has deferred construction works for its new hotel projects in Adelaide in South Australia, and in the Maldives to the first half of 2022. These hotels are targeted to operate when travel and tourism return to normal.
&ldquo The group will continue to monitor its operations and the Covid-19 situation in order to adjust its measures and strategies accordingly,&rdquo it said.
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Joelton
Supreme |
18-Oct-2021 09:32
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Chip Eng Seng Corporation
Between Oct 11 and 12, Chip Eng Seng Corporation Chip Eng Seng: C29 +1.18% non-executive chairman Celine Tang acquired 1.4 million shares of the company for a consideration of S$588,000.
At 42.0 cents per share, the acquisition increased her direct interest in the homegrown construction and property development group from 37.10 per cent to 37.28 per cent.
Her preceding acquisition was on May 24, 2021 with 6.23 million shares bought at 43.0 cents per share.
Tang was appointed non-executive chairman and non-independent and non-executive director of Chip Eng Seng Corporation in October 2018.
She is also the group managing director of SingHaiyi Group SingHaiyi: 5H0 0% and holds the position of non-executive chairman at integrated property developer OKH Global OKH Global: S3N 0% that focuses on logistics and industrial properties.
She is the spouse of Gordon Tang, an entrepreneur who invests in real estate and investments, and a philanthropist who drives sports-related charity activities.
In addition, she is a non-executive director of American Pacific International Capital, a diversified international investment holding company with businesses throughout the US and China.
On Aug 5, Chip Eng Seng reported a profit before tax of S$10.9 million and profit after tax of S$9.2 million, for its first half fiscal year 2021 (ended June 30) reversing from a loss before tax of S$25.2 million and loss after tax of S$25.7 million in the first half of FY20 respectively.
On the property development side, revenue increased by 112.4 per cent year on year to S$419.1 million mainly attributable to the sale of a development site at Gladstone Street, South Melbourne and higher contributions from Park Colonial and Kopar at Newton, partially offset by lower progressive revenue recognition from the fully sold and completed Grandeur Park Residences.
For its construction segment, revenue increased 82.2 per cent year on year to S$164.6 million. The increase was mainly attributable to CAG, PUB C4A, Tampines N8C31 and Sengkang N4C39 and C40 and new revenue contribution from projects under CES Salcon, which was acquired in December 2020.
On Sep 29, Chip Eng Seng Corporation announced that its wholly owned subsidiary, CES Engineering & Construction, has been appointed by the Housing & Development Board as the replacement main contractor for the remaining building works to be undertaken for the build-to-order housing project at Marsiling Grove in Woodlands.
The group also noted that its first half FY21 revenue from the hospitality segment decreased by 5.9 per cent to S$18.8 million mainly due to lower contribution from Park Hotel Alexandra, partially offset by higher contributions from the other hotels.
However, the education segment saw first half FY21 revenue increase by 50.7 per cent to S$17.3 million mainly due to higher contributions from the Invictus-brand international schools and Primus Schoolhouse.
With the two Invictus schools in Singapore obtaining EduTrust certification, the group noted that Invictus Singapore will be able to accept student pass holders as an additional source of enrolment growth when the border reopens.
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Starship
Supreme |
30-Sep-2021 10:21
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This counter has become another Ugly Clown Stock in SGCX Circus Maximus after the China couple bought it over fm the original Founders !!!! Avoid like the plague and at all costs !!!!! 
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UltraBoy
Member |
30-Sep-2021 09:59
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CES good in buidling and civil. But poor is M& A of salcon. going to lose multi millions soon.....anyhow tender for projects. | ||||
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ETLee8
Master |
30-Sep-2021 09:51
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One of the best Property developer and contractor our gov has engaged over the last 40 years. The Pinnacle is a testament of their good works as praised by the late Lee Kuan Yew, our founding fathers CES has always give good dividends consistently every year irregardless of profit margins.
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wehuattogether88
Supreme |
30-Sep-2021 09:16
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I think i guess correctly, CES no movement and pratically dead. lol.
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wehuattogether88
Supreme |
30-Sep-2021 07:24
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I do not think there is much impact on the share price of CES, unless there is a rumor takeover by another party. | ||||
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PhillipTan
Supreme |
30-Sep-2021 01:16
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Chip Eng Seng subsidiary becomes replacement main contractor for Marsiling Grove BTO projectCES Engineering & Construction, the wholly-owned subsidiary of Chip Eng Seng Corporation, has been appointed by the Housing & Development Board (HDB) as the replacement main contractor for the Marsiling Grove Build-To-Order (BTO) housing project in Woodlands.Under the contract, CES Engineering & Construction will oversee the remaining building works to be undertaken for the BTO project. The contract with HDB is not expected to have any material impact on the net tangible assets (NTA) and earnings per share (EPS) of the company in the financial year ending Dec 31. Shares in Chip Eng Seng closed 0.5 cent higher or 1.21% up at 42 cents on Sept 29. |
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PhillipTan
Supreme |
02-Sep-2021 22:47
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Purchaser of Chip Eng Seng' s shophouses on Geylang Road exercises optionChip Eng Seng, on Sept 2, announced that the purchaser of its three shophouses on Geylang Road has exercised the option under the agreement to purchase.The purchaser, who is an unrelated third party of the group, has already paid a deposit of $345,200. The deposit will be held by Chip Eng Seng' s wholly-owned subsidiary, CES Capital Holdings' solicitors pending the completion of the sale of the property. The deposit, along with the already-paid option fee, represents 5% of the total purchase price. The remaining sum of $8.20 million will be payable on the date of completion. The proposed disposal of the property is slated to be completed on Nov 25, 12 weeks after the option exercise date. Shares in Chip Eng Seng closed 0.5 cent higher or 1.14% up at 44.5 cents on Sept 2. |
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Joelton
Supreme |
06-Aug-2021 10:10
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Chip Eng Seng posts S$99k H1 net profit, reversing year-ago loss
THINGS are looking up at Chip Eng Seng. The property player is back in the black with a S$99,000 net profit for the half-year ended June, a turnaround from its year-ago loss of S$24.4 million.
Chip Eng Seng posted a H1 revenue of S$622.4 million, more than double the previous year' s H1 topline of S$290 million. This was due to the low base in H1, when most construction activities ceased during the circuit breaker.
The construction segment recorded the biggest revenue jump of 182.2 per cent to S$164.6 million, on the back of several projects, as well as new revenue contribution from CES_Salcon, which was acquired last December.
Revenue in the property development segment rose 112.4 per cent to S$419.1 million. This was due to the sale of the development site in Gladstone Street in south Melbourne and higher contributions from two condominium projects, Park Colonial and Kopar At Newton.
The Mainboard-listed company' s education segment also ran up a 50.7 per cent rise in revenue to S$17.3 million, with higher contributions from the Invictus-brand international schools and Primus Schoolhouse.
However, revenue from the hospitality and property investment divisions both declined 5.9 per cent and 10.4 per cent respectively. This was due to lower contributions from Park Hotel Alexandra and lower occupancy in CES Centre.
Chip Eng Seng' s share of losses from joint ventures were also higher due to fair-value losses on investment properties, and its share of losses from Cybint International Group, which was acquired in September last year.
Looking ahead, Chip Eng Seng is committed in replenishing its land bank for its property-development business in Singapore and overseas, as well as bidding for public-sector projects in construction.
" While the road to recovery for the hospitality industry remains uncertain amid the global roll-out of vaccine and resurgence of new variants, the group will focus on cost containment to mitigate the adverse impact from the curtailed international travel," it added.
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wehuattogether88
Supreme |
06-Aug-2021 08:18
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Finally in the black! | ||||
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PhillipTan
Supreme |
06-Aug-2021 01:14
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Chip Eng Seng posts S$99k H1 net profit, reversing year-ago lossThings are looking up at Chip Eng Seng. The property player is back in the black with a S$99,000 net profit for the half-year ended June, a turnaround from its year-ago loss of S$24.4 million.Chip Eng Seng posted a H1 revenue of S$622.4 million, more than double the previous year' s H1 topline of S$290 million. This was due to the low base in H1, when most construction activities ceased during the circuit breaker. The construction segment recorded the biggest revenue jump of 182.2 per cent to S$164.6 million, on the back of several projects, as well as new revenue contribution from CES_Salcon, which was acquired last December. Revenue in the property development segment rose 112.4 per cent to S$419.1 million. This was due to the sale of the development site in Gladstone Street in south Melbourne and higher contributions from two condominium projects, Park Colonial and Kopar At Newton. The Mainboard-listed company' s education segment also ran up a 50.7 per cent rise in revenue to S$17.3 million, with higher contributions from the Invictus-brand international schools and Primus Schoolhouse. However, revenue from the hospitality and property investment divisions both declined 5.9 per cent and 10.4 per cent respectively. This was due to lower contributions from Park Hotel Alexandra and lower occupancy in CES Centre. Chip Eng Seng' s share of losses from joint ventures were also higher due to fair-value losses on investment properties, and its share of losses from Cybint International Group, which was acquired in September last year. Looking ahead, Chip Eng Seng is committed in replenishing its land bank for its property-development business in Singapore and overseas, as well as bidding for public-sector projects in construction. " While the road to recovery for the hospitality industry remains uncertain amid the global roll-out of vaccine and resurgence of new variants, the group will focus on cost containment to mitigate the adverse impact from the curtailed international travel," it added. Shares of Chip Eng Seng closed at S$0.45 on Thursday, up 1.1 per cent. |
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Joelton
Supreme |
28-Jul-2021 09:24
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Chip Eng Seng flags possible impairment of China education investments
Construction firm Chip Eng Seng Corporation, which in recent years has diversified into education, has warned it might have to make an impairment on its investments in China.
Over the past week, the Chinese government has introduced new regulatory measures targeting the tuition industry, which has been a lucrative one attracting overseas capital.
Among others, the tuition providers are to be made non-profit organisations.
Chip Eng Seng holds a 34.97% stake in Guangzhou Yuanda Information Development Co, which will &ldquo likely be affected&rdquo by the new measures.
As at June 30, Chip Eng Seng&rsquo s carrying value of Yuanda is $11.7 million and if its other China education businesses are included, $17.6 million. They contribute just 0.1% of the company&rsquo s total revenue.
&ldquo As the new measures are currently couched in general terms, the group is not able to assess the full impact of these measures at this point in time.
&ldquo When there is clarity on the actual impact, the group will, if required, make the appropriate impairment for its investments in the later part of the year,&rdquo says Chip Eng Seng.
In addition, Chip Eng Seng also notes that the planned investment of $4.9 million in tuition company Dongguan Duowei Education Technology Co, announced on March 17, did not take place.
The investment was to be in the form of a loan and the money wasn&rsquo t disbursed as &ldquo certain conditions precedent&rdquo were not met.
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PhillipTan
Supreme |
28-Jul-2021 02:44
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Chip Eng Seng flags possible impairment of China education investmentsConstruction firm Chip Eng Seng Corporation, which in recent years has diversified into education, has warned it might have to make an impairment on its investments in China.Over the past week, the Chinese government has introduced new regulatory measures targeting the tuition industry, which has been a lucrative one attracting overseas capital. Among others, the tuition providers are to be made non-profit organisations. Chip Eng Seng holds a 34.97% stake in Guangzhou Yuanda Information Development Co, which will " likely be affected" by the new measures. As at June 30, Chip Eng Seng' s carrying value of Yuanda is $11.7 million and if its other China education businesses are included, $17.6 million. They contribute just 0.1% of the company' s total revenue. " As the new measures are currently couched in general terms, the group is not able to assess the full impact of these measures at this point in time. " When there is clarity on the actual impact, the group will, if required, make the appropriate impairment for its investments in the later part of the year," says Chip Eng Seng. In addition, Chip Eng Seng also notes that the planned investment of $4.9 million in tuition company Dongguan Duowei Education Technology Co, announced on March 17, did not take place. The investment was to be in the form of a loan and the money wasn' t disbursed as " certain conditions precedent" were not met. Chip Eng Seng shares closed July 27 at 45 cents, up 1.12% |
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PhillipTan
Supreme |
07-Jul-2021 22:14
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Chip Eng Seng sells stake in cyber education firm Cybint International for US$8.2 milChip Eng Seng Corporation, through its subsidiary CES Edutech, has on July 7 entered into a sale and purchase agreement with Israel firm HackerU Global to dispose of its 41.14% stake in Cybint International. Under the SPA, Chip Eng Seng will receive a cash consideration of US$8.2 million ($11 million) upon completion of the transaction. In addition, Chip Eng Seng will be entitled to an additional payment of US$1.35 million in the event that HackerU Global, within two years of the transaction completion, raises funds amounting to US$150 million or it lists Cybint shares through an initial public offering on any stock exchange, including through a merger with Special Purpose Acquisition Company merger (SPAC). Cybint provides learning and training platforms in relation to cybersecurity education. The remaining interest of the company is held by founder Roy Moshe Zur, who is also disposing the entirety of his shares to HackerU. As at May 31, Cybint has a net asset value share of approximately 4.4 US cents. According to Chip Eng Seng, Zur, while sourcing for funding opportunities, received the offer from HackerU to acquire 100% of Cybint&rsquo s shares. Rather than remain as a minority shareholder in Cybint, Chip Eng Seng decided to capitalise on the opportunity to make a gain on its investment and completely exit from Cybint. The company intends to deploy the proceeds from the sale towards new growth areas in the education sector. The sale is expected to contribute positively to the net tangible assets and earnings per share of the Company for the current financial year ending 31 December 2021. Shares in Chip Eng Seng closed flat at 45.5 cents on July 7. |
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PhillipTan
Supreme |
10-Jun-2021 02:27
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CES Grosvenor (SA), a wholly-owned unit of Chip Eng Seng Corporation, has entered into an agreement to acquire a two-storey commercial building in Adelaide, Australia, for A$2.5 million (S$2.56 million). Located at 80-82 Hindley Street, the property is situated on a freehold site and has a land size of about 287 square metres, Chip Eng Seng said in a Wednesday bourse filing. The deal is expected to be completed on July 1. The property is fully tenanted. 80 Hindley Street is leased for use as a convenience store for a term of three years expiring in November 2023, with an option to renew for a further term of two years. Meanwhile, 82 Hindley Street is leased for use as a bar for a term of three years expiring in September 2023, with an option to renew for a further term of three years. In explaining the rationale for the purchase, Chip Eng Seng noted that the property is adjoining other Hindley Street properties it had previously acquired. The company also previously acquired a hotel, now known as Grosvenor Hotel Adelaide, in the same zone. " While the group considers its redevelopment plans for the area, the proposed acquisition in the meantime presents the opportunity for the group to have increased frontage along Hindley Street, which will allow it to better manage the tenant mix along that street," the company said. Shares of Chip Eng Seng closed flat at S$0.455 on Wednesday. |
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Joelton
Supreme |
31-May-2021 09:34
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Chip Eng Seng Corporation
On May 24, Chip Eng Seng Corporation non-executive chairman Celine Tang acquired 6.23 million shares of the company for a consideration of S$2,678,900.
At 43.0 cents per share, the married deal increased her direct interest in the homegrown construction and property development group from 36.3 per cent to 37.1 per cent.
Mrs Tang is also the group managing director of SingHaiyi Group and holds the position of non-executive chairman at OKH Global.
She is also the spouse of Gordon Tang, an entrepreneur who invests in real estate and investments, and a philanthropist who drives sports-related charity activities.
Chip Eng Seng Corporation' s FY20 (ended Dec 31) revenue fell 36.1 per cent to S$674.6 million, compared to S$1.06 billion in FY19.
FY20 was the first time in the operating history of the group since its listing that it had recorded a net loss.
CEL Development (CEL) is the holding company for Chip Eng Seng Corporation' s property development business.
On May 7, the company announced that CEL, together with its joint tenderers, SingHaiyi Investments and Chuan Investments, had successfully tendered for the enbloc acquisition of the Maxwell House development.
The development is within minutes' walk from Tanjong Pagar MRT station along the East-West Line and the upcoming Maxwell MRT station along the Thomson-East Coast Line.
The joint tenderers are seeking approval from the Urban Redevelopment Authority to redevelop the site into a commercial and residential mixed-use development, with a gross plot ratio of at least 5.6, and a gross floor area of at least 21,746.48 square metres, for which the commercial component will be up to 20 per cent of the total gross floor area.
Through CEL, Chip Eng Seng Corporation has assembled a diversified portfolio mix that encompasses residential, commercial and industrial properties.
Since listing on the SGX Mainboard in November 1999, Chip Eng Seng Corporation has generated 8 per cent annualised total returns for shareholders through to May 2021.
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Joelton
Supreme |
24-Apr-2021 11:03
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Chip Eng Seng awarded $244.8 mil contract by HDB
Chip Eng Seng Corporation (CES Corporation), the wholly-owned subsidiary of Chip Eng Seng Corporation has been awarded a $244.8 million building works contract by the Housing & Development Board (HDB).
The contract will see CES Corporation undertake buildings works at Pasir Ris Neighbourhood 5 Contract 26 and 27.
The works include the construction of 10 blocks with a single-storey car park, single-storey commercial facilities, two precinct pavilions, three electrical substations and communal facilities.
The contract begins in May and will last for 52 months.
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UltraBoy
Member |
15-Apr-2021 11:48
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Bought the wrong company, Salcon. Too many devils inside mostly ex-hyflux guys. |
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ETLee8
Master |
07-Apr-2021 20:49
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It is about time for Ah seng and Ah Beng to move up. Both good stuff. | ||||
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