No, I have a few other counters. Tks for the concern.
It is just that at this time, CES is a rising star for next few quarters until at least mid-2015. Depending on how the overseas projects fare, it might continue to rise towards the RNAV of $2.25 (inclusive of all projects, local and overseas).
The rest of the counters - still accumulating..
Will talk about them when there are catalysts coming up..
I want to say a big "thank you" for those of you who shared how to value the developer's business by analysing the expected profits of each development in turn. Frankly, I wouldn't even know where to begin! So thanks again; much appreciated as I have read your postings with great interest. I know this is the wrong thread, but while we on the subject of CES, another developer Hiap Hoe's results seem pretty bad; although I can accept their reasons for the poor showing this time round, their view of the company's future doesn't give me a lot of confidence, so I have divested some of my holdings in it.
Sorry, I have not worked on Doncaster figures as the recent hiccups in CES' Aussie ventures have led me not to account for projects Down Under for now.
But good sales figures for Hiap Hoe's Marina Tower Melbourne (DMG report says 70% sold) do point to sufficient confidence in sales there despite all the bearish views.
On that Hiap Hoe note, may I add that the latest DMG report does point to some positive developments at Hiap Hoe: good sales at Marina Tower Melbourne, surprisingly big surge in occupancy rates at its 2 ZP hotels and a possible disposal of Treasure at Balmoral (which will lead to cash inflow, though little if any profit).
All these, coupled with the high RNAV of the stock (about $1.50-$1.80 depending on how one values its commercial and hotel assets) and the continuous accumulation of the stock by one (or 2) of the Top 20 shareholders mean the counter should at least be relatively well supported even if I don't see any immediate catalyst.
CES remains my preferred counter but I do own Hiap Hoe. KSH is another property developer I am accumulating, especially on pullbacks.
Meanwhile, CES made another big share buyback yesterday -1.7m shares at 0.895. To date, the company has bought back nearly 5.5% of its shares. Hopefully, CES buying back even at current price level points to the likelihood of the problems Down Under being resolved, apart from the obvious full year bumper earnings ahead.
Normally companies buy back shares when they think the price is cheap, but CES price is at the highest in the last 2 years! They must really believe that the intrinsic value is much more than 90 cents; for otherwise they are destroying shareholder value.