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ChipEngS - Low PE, High Yield and High NAV in One
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Joelton
Supreme |
05-Aug-2020 09:56
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Chip Eng Seng reverses to losses in H1 2020 on Covid-19 impact
PROPERTY development and construction firm Chip Eng Seng on Monday posted a net loss of S$24.4 million for its first half ended June 30, reversing from a net profit of S$15.2 million a year ago.
This came on the back of a 42.5 per cent decline in revenue to S$290 million, as the group' s operations were " adversely affected" by measures taken by the government to tackle the spread of the coronavirus. Most of the group' s construction and development sites have been closed since April 7.
" As a results of stoppage of construction, minimal revenue was recognised for the affected projects since April 7, 2020 till the end of H1 2020," it said.
Revenue contribution from all its divisions fell, except for the education division. Profit margins also narrowed as a result of additional costs due to Covid-19. Its bottom line was partially cushioned by lower finance costs and recognition of government grants meant to mitigate the impact of the pandemic.
The firm expects the outlook for the construction sector to remain challenging as most of the construction sites of the group have been affected by the Covid-19 measures and have yet to resume work. Furthermore, the group expects the shortage of manpower and disrupted supply chain to affect the progress of construction activities even after work resumes, it said.
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Joelton
Supreme |
04-Aug-2020 09:40
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Chip Eng Seng reports 1HFY20 losses of $24.4 million
Chip Eng Seng Corporation has reported losses of $24.4 million for 1HFY20 ended June 30, versus earnings of $15.2 million in the year-earlier period.
Revenue in the same period was down 42.5% y-o-y to $290 million, due to lower turnover from its property development, construction and hospitality businesses.
Due to the government-mandated stoppage of construction work in a bid to curb the spread of Covid-19, Chip Eng Seng&rsquo s core construction and property development activities were stymied. &ldquo Minimal revenue was recognised,&rdquo says the company in its earnings statement.
The bright spot is the company&rsquo s education business. During the six months, revenue more than doubled to $11.5 million, thanks to contributions from its Invictus-brand international schools and Excelsior
International School acquired last year, as well as higher revenue from its White Lodge preschools.
Nevertheless, the company has won more contracts during 1HFY20. As at June 30, its order book was $1.29 billion, up from $591.2 million as at Dec 31 2019.
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Starship
Supreme |
01-Jul-2020 13:42
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Bcos it' s an Ugly Clown Stock?   
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look@bright
Elite |
01-Jul-2020 13:04
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anybody know why today' s price drop so much? | ||||
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wehuattogether88
Supreme |
24-Jun-2020 14:49
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Very long already, now final got 1 small report from UOB Kay Hian: Trading Buy Range: S$0.59-0.595 Last price: S$0.57 Target price: S$0.635 Protective stop: S$0.555 The outlook of this stock is bullish as price is trading above the cloud. The lagging span (green line) is above both the price of 26 days ago and the cloud, confirming the bullish trend. The conversion line is acting as the first layer of support at the moment, and the MACD is still bullish. We are likely to see price moving higher if it is able to penetrate above its recent high of S$0.585. The potential upside target is S$0.635. Stops could be placed at S$0.555. Approximate timeframe on average: 1-2 weeks (initiate this trade idea if the stock hits the entry price range within three trading days) |
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Joelton
Supreme |
11-Jun-2020 09:15
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Chip Eng Seng to acquire S$25m industrial building at Tuas
PROPERTY and construction player Chip Eng Seng on Wednesday announced that its subsidiary CES-Precast (CESP) will acquire the remaining unexpired leasehold estate in an industrial building in Tuas.
The S$25 million acquisition comes as part of the group' s plans to diversify its businesses amid the Covid-19 fallout.
CESP had exercised the option granted by Concrete Innovators to aquire the property at 65 Tech Park Crescent, and has paid a deposit of S$1 million, in addition to the option fee of S$250,000.
The balance of the purchase price will be payable on completion, said the mainboard-listed Chip Eng Seng in a statement.
The group intends to turn the acquired building into a facility for producing pre-cast and prefabricated prefinished volumetric construction (PPVC) building components in Singapore.
The production of these components are currently carried out by CESP at its pre-cast plant in Johor, Malaysia. The group intends for the new facility at Tuas to complement its plant in Malaysia to increase CESP' s overall production to meet the " burgeoning demand" , said Chip Eng Seng in an earlier statement in March.
Increased production capabilities will correspondingly increase CESP' s capacity to tender for a greater volume of public sector projects of larger scale, to supply more pre-cast and PPVC components to the group' s building and infrastructure construction businesses, and undertake additional projects for other main contractors of building and infrastructure projects, said the group.
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-to-acquire-industrial-building-at-tuas |
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Starship
Supreme |
28-May-2020 14:58
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One of the Most Disgraceful Clown Stock in SGX Circus Maximus now.  Chip Eng Seng: The mainboard-listed property, construction and education group on Thursday warned that it will record an overall loss for the first half of this year. Separately, Chip Eng Seng announced on Wednesday night that its Australian subsidiary has commenced legal proceedings after a contract for the proposed acquisition of a childcare business was terminated. Shares of Chip Eng Seng finished Wednesday at 51.5 Singapore cents, up one cent or 2 per cent. https://www.businesstimes.com.sg/stocks/stocks-to-watch-singtel-capitaland-uob-sgx-city-dev-chip-eng-seng |
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wehuattogether88
Supreme |
28-May-2020 10:15
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At least there is some news about CES. This counter seems to be underperforming in its share price. Maybe should start manufacturing medical PPE
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Joelton
Supreme |
28-May-2020 10:12
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Chip Eng Seng axes childcare centre deal in AustraliaThe Edge Singapore 27/05/2020, 9:15pm
SINGAPORE (May 27): Property and construction company Chip EngSeng Corporation, which is trying to diversify into the regional educational services sector, has run into a hitch in Australia.
On May 27, the company announced the termination of an acquisition of a childcare centre in Victoria, Australia. Penn Junior TW, its local subsidiary has filed a lawsuit against the seller to claim back its deposit ofA$350,000. The acquisition was announced back in Aug 1 2019. The price tag was A$3.5 million and a 10% deposit paid, with the balance subject to the fulfilment of other conditions by the long stop date on April 1 2020. According to Chip Eng Seng, funding from the Victorian Department of Education &ndash part of the list of conditions - has not been approved. As Penn Junior TW was keen to go ahead with the acquisition, it offered to extend the long stop date beyond April 1. In a series of subsequent correspondences, lawyers acting on behalf of the sellers claim that all conditions have been fulfilled. They claim that it was Penn Junior TW that failed to meet its side of the bargain and therefore the sellers are entitled to receive the deposit of A$350,000 held by its lawyers. Penn Junior TW asked for the deposit back but was told by the sellers&rsquo lawyers on May 26 that they will not do so. Penn Junior TW commenced legal proceedings on May 27 to claim back its deposit. Besides this kindergarten in Australia, Chip Eng Seng runs schools in Malaysia, Hong Kong and Singapore. Chip Eng Seng closed at 52 cents on May 27, up one cent, or1.98 cents.ENDS https://www.theedgesingapore.com/news/ma/chip-eng-seng-axes-childcare-centre-deal-australia |
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Joelton
Supreme |
16-May-2020 11:56
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Chip Eng Seng pulls plans for joint investment in Chinese private home projectFRI, MAY 15, 2020 - 9:06 PMMAINBOARD-LISTED Chip Eng Seng Corp&rsquo s planned joint investment in the Chinese city of Taicang has fallen through, as some of the conditions precedent were not met by the long-stop date, the property group disclosed in a bourse filing. Under the deal agreement, the company was to have chipped in 153 million yuan (S$30.6 million) to take a 51-per-cent stake in a private home project by a Chinese company that had run up debts. But the board said that neither Chip Eng Seng nor investment partner Haiyi Shantou Investment Group had put in any funds before the agreement was terminated on Friday. The termination of the investment will not have a significant impact on Chip Eng Seng&rsquo s net tangible assets and earnings per share for the year to Dec 31, the board added. Haiyi Investment, which would have owned 29 per cent of the project, is an interested person of Chip Eng Seng, as it is an associate of controlling shareholders Gordon and Celine Tang. Mrs Tang is also Chip Eng Seng&rsquo s non-executive chairman and a non-independent director. The conditions precedent for the axed deal included the project company preparing a detailed debt-repayment plan and reaching both settlement agreements with its creditors, as well as a shareholders&rsquo agreement with the planned investors. Chip Eng Seng shares closed at S$0.49 on Friday, before the announcement. https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-pulls-plans-for-joint-investment-in-chinese-private-home-project |
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wehuattogether88
Supreme |
15-Apr-2020 10:35
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This stock not much volume so no show for this period of lock down. | ||||
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wehuattogether88
Supreme |
15-Apr-2020 10:00
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They are also a property developer, but now construction no good leh.
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Joelton
Supreme |
15-Apr-2020 09:56
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Chip Eng Seng unit raises stake in Invictus International School for S$10.3m TUE, APR 14, 2020 - 9:17 AM CES WL, a wholly-owned subsidiary of mainboard-listed property developer Chip Eng Seng Corp, has raised its stake in Invictus International School for some $10.3 million. CES WL on Monday exercised an upsized option in full, to subscribe for 106,000 new shares in Invictus at S$96.9694731 apiece. The shares have been issued to CES WL, Chip Eng Seng noted in a bourse filing on Tuesday morning. Following the exercise of the option, CES WL' s stake in Invictus has increased to about 39.7 per cent, from 10.2 per cent while White Lodge Education Group Services reduced its stake in Invictus to 43.4 per cent, from 64.6 per cent previously. White Lodge Education is a 70 per cent-owned subsidiary of Chip Eng Seng. Invictus is an independent co-educational international primary school under Chip Eng Seng' s education business. Chip Eng Seng now has a 70.1 per cent effective interest in Invictus, up from 55.4 per cent. Meanwhile, shareholder John Fearson' s stake in Invictus has shrunk to about 17 per cent from 25.2 per cent, the filing showed. Mr Fearson is the executive director of Invictus, according to his LinkedIn profile. Chip Eng Seng shares closed at 50.5 Singapore cents on Monday, down one cent or 1.9 per cent. https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-unit-raises-stake-in-invictus-international-school-for-s103m |
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bishan22
Supreme |
06-Apr-2020 12:51
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Construction works on lock down...
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wehuattogether88
Supreme |
06-Apr-2020 11:06
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Lousy stock, will camp at this pricing, will not move much from here. | ||||
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Joelton
Supreme |
06-Apr-2020 09:53
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Chip Eng Seng sells 77 units at Kopar At Newton condo - launched completely online SINGAPORE (THE BUSINESS TIMES) - CEL Development, a fully-owned subsidiary of mainboard-listed Chip Eng Seng Corporation, has sold 77 units at the launch of its 378-unit Kopar At Newton condo project over the weekend. Singapore-based proptech firm Showsuite said: " This is the first private residential project in Singapore to be launched completely online and with transactions carried out remotely without any of the buyers and serving property agents being present at the sales office." The sales office was within Chip Eng Seng' s office premises in Chin Swee Road. " All bookings were carried out using Showsuite' s proprietary digital booking platform which allowed buyers to avoid queues, crowd and contact, as they signed pre-sale documents in the comfort of their homes. Some buyers even opted to pay the 5 per cent booking deposit online instead of conventional cheques," Showsuite said in a release on Sunday evening. This was the first project to be launched for sale amid the heightened Covid-19 guidelines around crowd avoidance announced on March 24 and ahead of the 28-day circuit-breaking moratorium announced by the Singapore authorities last Friday which would see all showflats closed from April 7 to May 4. The 99-year leasehold project is located off Newton Circus. CEL executive director Michael Ng said the project average price is $2,350 per square foot (psf), as stated previously. " We have not had time to calculate the average per square foot price for the units sold over the weekend. Most of the units that have been sold are one and two-bedroom apartments," he said. By signing up, you agree to our Privacy Policy and Terms and Conditions. The cheapest units transacted were a couple of one-bedders priced at $1.098 million each. Also sold was a penthouse of about 3,305 sq ft that went for $7.88 million. " Buyers were predominantly Singapore citizens, although we also had some permanent residents and a few foreigners who are based here," said Mr Ng. Kopar at Newton is jointly marketed by ERA, PropNex, OrangeTee & Tie and SRI. CEL began previewing the project on March 25. " We had planned to begin sales on Good Friday. However, when we were informed last Friday that all showflats would have to be closed for one month from April 7, we decided to bring forward the start of sales," said Mr Ng. " We already had Showsuite on board with us, and their technology certainly facilitated the quick commencement of sales on Saturday." That said, Mr Ng noted that even with the Showsuite platform, it would have been difficult to launch sales during the moratorium " because you would still need to gather some of the key people - from the developers' side as well as the key persons in charge from each of the four property agencies - even if they are not in the same physical space as the buyer and serving agents" . This would not be allowed given that, except for suppliers and supply chains of essential services, activities at all workplaces and retail outlets must be suspended during the four-week period - as part of the additional measures to minimise the further spread of Covid-19. Showsuite CEO Karamjit Singh said: " We are grateful to the four joint marketing agencies who were trained to carry out the transactions remotely, thereby achieving decentralisation. Each were given their dedicated and secure dashboards connected to our real-time inventory management platform. We also adopted video-conferencing for training and off-site tech-support to ensure the smooth running of the process." Kopar at Newton will have two towers of 23 storeys each. Units will range from one-bedroom to five-bedroom apartments there will also be penthouses. This is the third project launch that Chip Eng Seng has done in partnership with Showsuite, after Park Colonial and Parc Komo. https://www.straitstimes.com/business/property/chip-eng-seng-sells-77-units-at-kopar-at-newton-condo-launched-completely-online |
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wehuattogether88
Supreme |
27-Mar-2020 10:14
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Contract win does not translate to stock moving up much. Still stuck at the current range. |
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Joelton
Supreme |
27-Mar-2020 09:20
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Chip Eng Seng unit bags S$433m contractTHU, MAR 26, 2020 - 6:37 PM THE Public Utilities Board (PUB) has awarded the Tuas Water Reclamation Plant contract worth S$433 million to Sembcorp Design and Construction, a wholly-owned subsidiary of mainboard-listed real estate group, Chip Eng Seng. The contract relates to building works to be undertaken at the Tuas Water Reclamation Plant as part of Phase 2 of the Deep Tunnel Sewerage System project. The works under the contract include the construction of biosolids building and digesters, the supply and installation of biosolids treatment and biogas handling equipment, and the testing and commissioning of the facilities, said the firm in regulatory update on Thursday. Construction is expected to be completed by 2025. The contract requires Sembcorp Design and Construction to operate and maintain the facilities a year after completion. The contract is expected to " contribute positively" to the net tangible assets and earnings per share of the company for the current financial year ending Dec 31, 2020. https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-unit-bags-s433m-contract |
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ysh2006
Supreme |
13-Feb-2020 16:41
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Like this also want to call trading halt no brainer....after market closed also can lah...MRT stn valued $200 M over nah a span of six years than complete profit little only.
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Starship
Supreme |
13-Feb-2020 16:23
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AWARD OF CONTRACT J107 &ndash DESIGN AND CONSTRUCTION OF GEK POH STATION, TAWAS STATION AND VIADUCTS FOR THE JURONG REGION LINE The Board of Directors of Chip Eng Seng Corporation Ltd (the " Company" ) is pleased to announce that the Company&rsquo s wholly owned subsidiary, Sembcorp Design and Construction Pte. Ltd., has been awarded Contract J107 by the Land Transport Authority to design and construct Gek Poh Station and Tawas Station (working names) (the &ldquo Stations&rdquo ) and two associated viaducts (the &ldquo Viaducts&rdquo ) for the Jurong Region Line (the &ldquo Contract&rdquo ). The value of the Contract is approximately S$226.6 million. The Viaducts will be located along Jurong West Street 75 and between the Stations, and will have a total length of 1.3km. Construction is slated for completion in 2026. The Contract is expected to contribute positively to the net tangible assets and earnings per share of the Company for the current financial year ending 31 December 2020.
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