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Chip Eng Seng
08-04-2019, 08:50 AM. (This post was last modified: 08-04-2019, 11:18 AM by Sumeria.)
Post: #1101
RE: Chip Eng Seng
(07-04-2019, 07:59 PM)Shiyi Wrote: Three areas of concerns:

1. The company redeemed two bonds earlier as there was a change of control in ownership. The two bonds carried a coupon rae of 4.75% and 4.9% respectively. Then, the company issued another bond to raise $100 m with a coupon rate of 6%. In other words, the borrowing cost is higher.

2. Diversifying into education sector may be a risk as it's a pretty crowded market. The chairman statement also alludes that further diversification into other sectors is on the cards.

3. The assumption of $2.2 k ASP for Kg Java project looks aggressive given the market today.

1. The higher interest rate was a surprise to me, but the impact is accounted for in my calculation. I think perhaps CES' venture into education as well as the new shareholders could have led to the higher rate for the bonds. The response to the bond issue, according to my banker, was supposedly rather enthusiastic, so the 6% rate that was finalized did take me by surprise.

2. I have a neutral view on CES' diversification into education, as data flow is still in its infancy stage. I would allocate a discount to CES' share price for this risk, at the moment.

3. The assumption of $2.2k ASP for Kg Java is in my view, conservative, noting that it is rather near to the Newton MRT and Orchard vicinity. If you look at recent launches around Meyer Road, you will notice that prices for freehold projects there have selling prices at about $2,500 psf. Elsewhere, 99 year projects even not near to town are being launched and sold at $1,700-1,900 psf (Park Colonial already fetches about $1,800 psf for a relatively outskirt location). Also, en bloc sites around Newton MRT are bought at prices that will see prices being launched at or above $2,500 psf. So $2,200 psf for the 99 year project is reasonable, especially if the units are of smaller sizes.

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03-07-2019, 07:49 PM.
Post: #1102
RE: Chip Eng Seng
Collaboration with The Perse School Cambridge International to Set Up an Elementary School in Singapore

Chip Eng Seng Corporation Ltd announced that CES Cambridge Pte Ltd ("CESC"), the Company's wholly owned subsidiary, had today entered into an agreement with The Perse School Cambridge International Limited ("TPSCI").

The Agreement relates to the establishment of an elementary school in Singapore, the ethos of which will reflect that of The Perse School. TPSCI is a wholly owned subsidiary of The Perse School, an independent school in Cambridge, United Kingdom. The Elementary School will cater to students aged 6 to 11, and may also extend to a secondary school. CESC aims to set up the Elementary School by early 2020.

Information on  The Perse School

The Perse School was founded in Cambridge, United Kingdom, in 1615 by Stephen Perse, M.D., a Fellow of Gonville and Caius College, Cambridge University. Today, The Perse School's campuses remain located in Cambridge and comprise a pre-school (for children aged 3-7 years), a prep school (for students aged 7 11 years) and an upper school and sixth form (for students aged 11-18). The Perse School has an experienced Governing Board comprising Governors from diverse backgrounds. Three out of the 20 Governors of The Perse School are Fellows of colleges of Cambridge University.

The Perse School is well-known for producing students with excellent academic results. In the last five years, 185 pupils from The Perse School have gained admission to Cambridge University and Oxford University, which are prestigious universities in the United Kingdom. Its distinguished alumni include Nobel Prize Winners Sir George Thomson and Ronald Norrish, literary critics F.R. Leavis and E.M.W. Tillyard, actors Marius Goring and Josef Behrmann, cartoonist Mel Calman, theatre director Sir Peter Hall, film-maker Humphrey Jennings, scientist and theologian The Revd Dr John Polkinghorne and aviation pioneer Sir Arthur Marshall.

Beyond the classroom, The Perse School also offers a wealth of opportunity in music, drama, sport and outdoor pursuits, along with a vibrant programme of over 100 clubs and societies. The Perse School believes that it is through these extra-curricular opportunities that students take on responsibilities and become responsible whilst developing important life skills such as organisation, resilience and creativity.

More details in https://links.sgx.com/FileOpen/Perse%20-...eID=566907
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Specuvestor: Asset - Business - Structure.

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02-08-2019, 07:56 PM.
Post: #1103
RE: Chip Eng Seng
Plans for New Hyatt Regency Adelaide

Chip Eng Seng Corporation Ltd announced that its property located at 51 Pirie Street, Adelaide will be developed into a new Hyatt Regency in Adelaide.

The 27-storey hotel will offer 295 rooms and facilities which will include more than 8,000 square feet of event space, a Market Cafe, a Regency Club, swimming pool, fitness facilities and a rooftop bar. Construction is expected to commence in early 2020 and the hotel is expected to commence operations in early 2023. The Property is centrally located in Adelaide's central business district and guests of the hotel will have easy access to major corporate and government offices as well as shopping and dining venues.

The entry into agreements with the relevant Hyatt entities in relation to the management of the hotel is not expected to have significant impact on the net tangible assets and earnings per share of the Company for the current financial year ending 31 December 2019.
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Specuvestor: Asset - Business - Structure.

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