Chip Eng Seng

[value.for.money]

Excellent 9M'10 results: http://info.sgx.com/webcoranncatth.nsf/V...600153C6A/$file/CESCorp_3Q2010Announcement.pdf?openelement

Trading at P/E of 3.9, Yield of 6.7, P/B of 0.95 and ROE of 29.24, making really good value criteria.

Should not be very much affected by the new rules by the government in the property market as most of its new projects are ECs and HDB flats.

Edit: FY'10 results were released yesterday (22/2/11) and showed that CHS had achieved a startlingly good performance in terms of both net profit and revenue over the past 12 months, which were up 45.7% and 26.7% respectively: http://info.sgx.com/webcoranncatth.nsf/V...F00337874/$file/CESC_4Q2010_Announcement.pdf?openelement

They also announced a dividend of 4.0 cents a share, up from 3.0 cents a share in the previous year, which results in a very high yield of 9.0 as of today's closing price of $0.445 (23/2/11). To update their value criteria, it has a really low P/E of 2.7, a relatively high ROE of 31.5 and a P/B of 0.84. From my perspective, this is very attractive.

Am very sure this is a gem ... anyone?

[mrEngineer]

Expected a little more for their dividends.. but nonetheless 4cent is relatively good yield of 9.5% of today closing.

vested for the short term

[mrEngineer]

bad news on the fujian jv withdrawal. Should have seen it coming.. hopefully the impact will not be great on the market tomorrow..

[iff]

I tried to extract some financial figures from their results,
but it's kind of confusing as their operating cash flow is negative, but the net asset value keep rising..
are they using a different method on the results reporting?

[jackphang]

Their CFO is negative because of the increment of Working Capital.
Now they are very much on building the property in faster pace so that get the cash back in return in faster pace.

---

CES is one of my best investments in Singapore stock market. Provided its dividend payment, I would forsee the dividend yield can reach > 10% next year.

[brattzz]

do take a look at CES again, are we missing something here?

EPS and profit margin are up and yet the price is still 37cts? :O

[propertyinvestor]

Revenue and profits from the Melbourne project will only be visible next year! So FY 2013 results shld be better!

[jackphang]

Revenue and profits from the Melbourne project will only be visible next year! So FY 2013 results shld be better!

I am not sure if they will speed up the development of Melbourne project so that it can be completed by this year - hence increase the net earnings as the reporting standard now will only recognize the earnings end of the project for private/oversea projects.

Some of the news this year (not in this thread) including:
1. Purchase of new land for hotel building (may include residential units as well)
2. Some construction projects on BTO/HDB new flat

Given its price now (41c), I believe there is a room of improvement after this year. Of course, there are still some cheap counters like Lian Beng, LKH etc.

[paullow]

ces can buy n play long term. if dips, can accumulate more or use dividends to make more purchases. nav 60c and consistent dividend pyput, so at 40c plus, downside limited for this mid sized cap. get rich fast with ces is unlikely but slow growth of money is there.
imo.

[revelationofpyramids]

CES: It's one of favourite stocks. It's very under the radar, but will soon appear blinkng non-stop on it....