Chip Eng Seng

According to mgt during AGM, Q4 profit are prob pulled down by marketing costs of some projects in Sg which are charged but no revenue is recorded, hence no profit but only costs incurred in that quarter. Maybe this will make it as if 33M did not make higher profit.

Company CEO is a friendly, approachable man and seem honest and capable in answering questions. Its always good to own stocks whose main men/women have such qualities. More positive energy, can sleep better, knowing co is in good hands.

Co also exploring Iskandar though no deal yet. TM is about 70% sold with 10% more in the process, Fulcrum sold 2 more units, Alexandra shops hope to complete in 2014 to smooth out earnings.

CES updates Yishun site details in yesterday Q1 results: project will have 141 shops and 186 condo units.

Recall its Alexandra Centre shops has 126 units, so this one has slightly more.

Co to launch in 2nd half this year. Will this be the stock price next catalyst as shareholders eagerly await another good sales like Alexandra?

Co also says Prive to TOP this year. No profit recognized yet as its a EC. Prive will form bulk of profit this year, and maybe Belysa if it completes in 2013 too.

New Toyo has a 76% stake in Anzpac which owns a big piece of freehold land just at the outskirt of Sydney.

32 Britton Street, Smithfield, NSW 2164, Australia
Approx. 3.5 Hectares.

Tien Wah (54% owned by New Toyo) has mentioned land rationalization in its annual report previously.

Does anyone happen to know how much this piece of land is worth now? tks.


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(17-10-2012, 03:46 PM)revelationofpyramids Wrote: Chip Eng seng has many catalysts for stock price movements. But I think one more interesting angle is that among so many small developers it is one of the rare ones whose shares is not tightly held so maybe it will become a hostile takeover target.

Imagine its RNAV is about $1.20-1.40 depending how much profit expected from its shops sales in Alexandra hotel/retail project and its potential big earnings in 33M, Tower Melbourne and the Perth project - all in Australia which many analysts and investors did not even know until recently. All these land are bought at very low prices of A$20-25.5m yet the development values are potentially very high because of the high plot ratio. For example, Tower Melbourne site bought at only A$25.5m and total sales figure probably A$250 - 350 million!

If I were another developer, maybe I will look to take over Chip Eng seng rather than bid for government land at overpriced levels. This one got lots of scrip in the public instead of heavily owned by one family, so gaining control by becoming biggest shareholder is possible.

New Toyo's land is big, but its in an area that looks to be designated for factories, I think. I can't find any news on New Toyo redeveloping the land or if it has any redevptal potential.

CES' land is meant for residential with high plot ratio, right smacked in the city. It's a new devpt which shd be launched this year or next year. Its more an immediate thing.

Based on the new accounting standards, EC & BDSS development revenue & expense can only be recognized at TOP. So in the meantime, where to park those revenue & expense (figures)? Even if these are reflected in income statement, shouldn't they be reflected in the balance sheet or cashflow statement? If so, how to balance income vs balance sheet and cashflow?

For projects which are 40% owned, it would only be reflected under 'share of result of associates', in the meantime, whatever investments made in these associate companies, where are these investments ($) being reflected / captured.

Appreciate any education.

(25-05-2013, 03:26 PM)BeDisciplined Wrote: Based on the new accounting standards, EC & BDSS development revenue & expense can only be recognized at TOP. So in the meantime, where to park those revenue & expense (figures)? Even if these are reflected in income statement, shouldn't they be reflected in the balance sheet or cashflow statement? If so, how to balance income vs balance sheet and cashflow?

For projects which are 40% owned, it would only be reflected under 'share of result of associates', in the meantime, whatever investments made in these associate companies, where are these investments ($) being reflected / captured.

Appreciate any education.

if I am right, there are classified as development properties in the Balance sheet for the asset part.

(25-05-2013, 04:09 PM)CY09 Wrote:

(25-05-2013, 03:26 PM)BeDisciplined Wrote: Based on the new accounting standards, EC & BDSS development revenue & expense can only be recognized at TOP. So in the meantime, where to park those revenue & expense (figures)? Even if these are reflected in income statement, shouldn't they be reflected in the balance sheet or cashflow statement? If so, how to balance income vs balance sheet and cashflow?

For projects which are 40% owned, it would only be reflected under 'share of result of associates', in the meantime, whatever investments made in these associate companies, where are these investments ($) being reflected / captured.

Appreciate any education.

if I am right, there are classified as development properties in the Balance sheet for the asset part.

What about the profit from associate companies?

Hmm... a sudden resignation of CFO and no immediate replacement.

Cessation Of Chief Financial Officer.

29 May 2013 17:14

Lim Beng Chuan resigns as Chief Financial Officer on 05-06-2013 to pursue personal priorities. He is responsible for the Group's accounting and finance functions including tax, treasury and compliance matters...

He has been CFO since 10-08-2007

The Board will make appropriate announcement on the appointment of new Chief Finanical Officer to fill up the vacancy in due course. In the interim, Mr Nik Tan and Miss Kho Huang Sing will assume the role and responsibility of Mr Lim.

The Board of Directors of the Company records its appreciation to Mr Lim for his services and contributions during his tenure as the Chief Financial Officer and wishes him the best in his future endeavours.

In light of FNN stunning $1.43b for the Yishun land plot


North Gem Development and FC North Gem Trustee put in a top bid of $1.4 billion, or $1,077 per square foot per plot ratio (psf ppr), for the 99-year leasehold site.

This is 47 per cent higher then the second-highest bid, and way above the top bid of $750 and $850 psf ppr that consultants had expected. In total, five bids were placed, with consultants earlier expecting between five and 15 bids.

Nicholas Mak, executive director of research and consultancy at SLP International Property Consultants, noted that CEL Property in January clinched a mixed development site located between Yishun Ring Road and Yishun Avenue 9 at $212.1 million or $794.44 psf ppr.

So Frasers' bid is 35.6 per cent higher than what CEL paid, he noted.


Will the price of CES mixed development site be revised upwards?

CES has full page ad in BT property supplement today. Advertised on their soon to launch project in Yishun called Junction 9 and 9 Residences.

Highlight area around Junction 9 soon to be new corridor for innovation. Near to Seletar Aerospace Hub. Site is 2 bus stop away from Yishun interchange and MRT.

Wonder how much they will price the project now that demand has slow down. Hope they can get good price for their shops.