Chip Eng Seng

[jjlim84]

I'm contented with the flat price, at least it is not dropping

[Curiousparty]

CES has crept up to 90 cents as of today....any special reason why?

TM issue resolved?

[Curiousparty]

Hi All

Would like to check if anyone of you has a forecast of FY2015 profit?

The key events for FY2015 are:-

a. Commissioning of the Alex Hotel
[EPS not impact; recurring income will kick in from 2H 2015; NAV will be revalued upwards?]

b. progressive recognition of profits from Junction 9 and Nine Residence
[don't think Junction 9/Nine Residence can TOP by Q4 2015??]

c. Recurring income from construction + San centre + Kilda centre + old HQ and possibility a new investment property (from the recent issue of $150mil bond).

My estimate is around EPS ~ 15 cents
while NAV gain ~ 43 cents (including revaluation surplus from Alex Hotel).

Thank you.

[jjlim84]

NRA capital gave a forecast of 15 cents for 2015 too in a report in Aug 2014

[Curiousparty]

NRA capital forecast were way below actual results...(i.e. too conservative)...

By Q3 2014, CES's actual 9mth NAV was already 91 cents but NRA full year NAV forecast was only 92.6 cents.

I expect CES full FY14 EPS to hit 38 cents, and full-year NAV to hit ~$1.10,
but NRA full year EPS forecast was only 27.5 cents, NAV was only 92.6 cents

How can we trust the credibility of NRA capital?

http://www.nracapital.com/research/sgxre...1408mne6jh

[Curiousparty]

We are only a few weeks away from the full year FY2014 results and CES is still languishing below 90 cents...

The accounts should be tallied up by now...

Any reasons?

[Curiousparty]

The Phillip Capital Report had not taken into account the following into its RNAV computation
http://www.uniphillip.com/development/mo...0Seng).pdf

1. THREE land banks in Australia
2. Profits from TM (even if the project is called, rental yield is ~8%)
3. Profits from Fernvale projects
4. Revaluation Gain from CES centre
5. recurring income is grossly understated...
6. CES also has its HQ at Ubi and some shop houses at Geylang
7. profits from Fulcrum
8. monetization of hotel in the near future..

The RNAV of CES is easily more than ~$2

[yewkim]

Curiousparty,

Care to share what is RNAV and NAV, what is the different? Thanks

[yewkim]

Curiousparty,

Care to share what is RNAV and NAV, what is the different? Thanks

Thanks, I read Bluekelah's explaination already. I understand now.

[Curiousparty]

If the new hotel at alex central is sold, try to imagine the windfall profits!!!

yes, depending on valuation of hotel room, the gain should be ~ 30 cents at least..

Has Mr Market also factored this in ? (since it is so "forward looking"...hahaha)