|Bid||0.5950 x 0|
|Ask||0.6000 x 0|
|Day's range||0.5950 - 0.6000|
|52-week range||0.5950 - 0.8200|
|Beta (3Y monthly)||1.26|
|PE ratio (TTM)||8.15|
|Forward dividend & yield||0.04 (6.61%)|
|1y target est||1.06|
SembCorp Industries Limited (SGX: U96) has seen both its marine and utilities divisions face challenges in the last few years. Here are three signs the tide may be turning for the group.
SINGAPORE (Aug 1): Property and education group Chip Eng Seng reported 2Q19 earnings ended June of $3.9 million, down 67.4% from $12.2 million in 2Q18 on lower sales and higher expenses.
SINGAPORE (July 4): Chip Eng Seng’s wholly owned subsidiary, CES Cambridge (CESC) has entered into an agreement with The Perse School Cambridge International (TPSCI) regarding the establishment of an elementary school in Singapore. TPSCI is a wholly owned subsidiary of The Perse School, an independent school in Cambridge, United Kingdom.
SINGAPORE (June 15): Chip Eng Seng and controlling shareholder Haiyi Investment are jointly investing RMB240 million ($47.5 million) in a distressed property company based in Taicang city in Jiangsu province, China. Chip Eng Seng says the investment will enable the project company to discharge its outstanding liabilities such that its assets will be unsealed and restart a project involving the development and construction of a residential development on a land area of 38,000 sqm, with a gross floor area of 111,111 sqm. The project company, effective controlled by local shareholder Ren Weimin, currently owns a property covering a total land area of 90,657 sqm at 26 Dangqian Road, Huangjing town in Taicang city, Jiangsu, which is bordered by Shanghai.
When listed construction and property development group Chip Eng Seng Corp paid $248.8 million for the en bloc purchase of Changi Gardens in October 2017, it was at a 27% premium to the owners’ original asking price of $196 million. “A lot of leasehold projects are already priced above that,” says Michael Ng, executive director of CEL Development, the property development arm of Chip Eng Seng. Beyond pricing and the freehold tenure, the developer was drawn to the site because of the neighbourhood, says Raymond Chia, Chip Eng Seng group CEO.
SINGAPORE (May 7): Property group Chip Eng Seng reported 1Q earnings of $11.3 million or 1.8 cents, 84.6% higher compared to $6.12 million, or 0.99 cents, a year ago due to higher sales.Revenue rose 34.2% y-o-y to $267.3 million as property development segment grew 48.9%, driven by the Grandeur Park Residences and Park Colonial private-home projects here.Hotel contributions also rose by 19.7%, lifted by contributions from the Mercure and Ibis Styles Grosvenor Hotel in Adelaide, which the group acquired in March last year.Growth in these segments offset the 10.3% revenue fall in construction, where the order book fell to $388.8 million, from $425.5 million the previous quarter, as no new contracts were won.In its outlook, Chip Eng Seng said that it will exercise caution when bidding for new projects in Australia and Singapore.And with competition for HDB contracts expected to stay keen, the group said it would tender for other non-housing and civil engineering if the opportunity allows and also plans to grow its education operations both in Singapore and abroad.Chip Eng Seng shares closed 1 cent lower at 77 cents on Monday before the results were released.
SINGAPORE (Jan 22): Chip Eng Seng Corporation announced that its wholly-owned subsidiary, CELH Development, has been awarded the tender for the land parcel at Kampoing Java Road at a tender price of $418.38 million by the Urban Redevelopment Authority (URA). See: Chip Eng Seng bids $418.8 million for Kampong Java site The site is located near Newton Circus, bounded by Bukit Timah Road, Makeway Avenue and Kampong Java Road. It is within walking distance to Newton MRT interchange station and Newton Food Centre. In addition, the site is within close proximity to educational institutions, such as AngloChinese School (Junior), Anglo-Chinese School (Primary) and St Joseph’s Institution Junior. The acquisition of the site is not expected to have a significant impact on the group’s net tangible assets and earnings per share for the current financial year. Shares in Chip Eng Seng last traded at 70 cents on Monday.