for CEL, I am not worry about the 2015 or 2016 performance. In these 2 particular years, CEL should have 30cents EPS.
2017 is the year that, till date, I don't see any project to be completed. Based on the way of CEL operate, I would expect they should have some to be finished.
Just like Prive, Belysa in 2013; 100PP, Manhattan, Belvia, ALex in 2014.
2015, we should have Alex Hotel.
2016, we have Fulcrum, Nine resi, Junc 9.
What about 2017?
I would believe the company has started some of the project recently, this should be reflect in the coming Annual report or quarterly report.
Remember the company just got the MTN note recently? The fund should be for the coming project?
What could be the next? - Donscaster, Melaka, CUB, Fernvale, Perth West Coast Highway?
I would think that, away from 2017, there is 3 years still. Donscaster project should be able to finish in 2017. Not because it is less issue compare to the CUB project, but also the project is smaller.
For CUB, I would think that could be 2018 or later. The CUB project is larger than the TM project, if TM schedule to be 2018, CUB should be later than that.
Fernvale is EC, based on the history schedule, this should take 4 years since land purchase, expect 2018 or later as well.
Melaka could it be 2017? This is the first time CEL has a project in Malaysia.
Perth Highway? This has been in the land bank since 2010. Seem like it is a hard swollen project to CEL.