Chip Eng Seng

potatolover
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9 years 1 month ago #21812 by potatolover

Replied by potatolover on topic Chip Eng Seng

1. Park Hotel
When hotel TOPs in mid-2015, it will be passed over to Park Royal Group for management.
$105 (per room per day) x 450 (capacity) x 365 days x 0.83 (tax rate) = $14.3 mil (net income per year)

2. Refurbished San CES Centre
Rental income = 131 895 Sq Ft (GFA) x 0.8 (8 floors out of 10 will be rented out) x 0.9 (efficiency factor) x $6 PSF per mth x 12 mths x 0.83 (tax rate) = $5.7 mil (net income per year)

3. St Kilda Rd - Office Bridling in CBD Melbourne
Rental income = 8% (rental yield) x A$45.3 mil x 1.06 (exchange rate) x 0.83 = $3.2 mil (net income per year)

4. Old HQ at Ubi & shop houses at Geylang
$1 mil per year

5. New investment property (TBC)
5% x 150mil x 0.83 = $6.2 mil per annum.

- Total rental income from above 5 investment properties = $30.4 mil per year or 4.8 cents EPS

- The above rental income from investment properties coupled with the usual 4 cents EPS from construction arm (per year).

~ 9 cents of recurring income at steady state.

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potatolover
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9 years 1 month ago #21829 by potatolover

Replied by potatolover on topic Chip Eng Seng

Windfall profits of ~15 cents will be locked in...

**********
CES-QUEEN (VIC) PTY LTD - TOWER MELBOURNE AT 150 QUEEN STREET,
MELBOURNE, VICTORIA

The board of directors (the “Board”) of Chip Eng Seng Corporation Ltd. (the
“Company”) refers to the announcement dated 27 November 2014 on the
application made by Colonial Range Pty Ltd ("Colonial Range") to the Victorian
Civil and Administrative Tribunal (“VCAT”) to revoke the planning permit issued
to the Company’s wholly-owned subsidiary, CES-Queen (Vic) Pty Ltd. (the
"Cancellation Application").

The Board is pleased to inform that the Cancellation Application has been struck
out by VCAT on the basis that Colonial Range had no entitlement to object to the
said planning permit application and therefore had no standing to bring its
Cancellation Application which was misconceived and lacking in substance.

Submitted by Hoon Tai Meng, Executive Director on 3 March 2015 to the SGX.

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potatolover
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9 years 1 month ago #21840 by potatolover

Replied by potatolover on topic Chip Eng Seng

There will be a further positive implication from VCAT' s cancellation of the application made by Colonial Range.

This will lift the tender bids for the land site at Victoria.

It goes to show that Planning Approval once granted should not and cannot be easily revoked as this will only destabilize the future market.

Smile
*************

CES-QUEEN (VIC) PTY LTD - TOWER MELBOURNE AT 150 QUEEN STREET,
MELBOURNE, VICTORIA

The board of directors (the &ldquo Board&rdquo ) of Chip Eng Seng Corporation Ltd. (the
&ldquo Company&rdquo ) refers to the announcement dated 27 November 2014 on the
application made by Colonial Range Pty Ltd (" Colonial Range" ) to the Victorian
Civil and Administrative Tribunal (&ldquo VCAT&rdquo ) to revoke the planning permit issued
to the Company&rsquo s wholly-owned subsidiary, CES-Queen (Vic) Pty Ltd. (the
" Cancellation Application" ).

The Board is pleased to inform that the Cancellation Application has been struck
out by VCAT on the basis that Colonial Range had no entitlement to object to the
said planning permit application and therefore had no standing to bring its
Cancellation Application which was misconceived and lacking in substance.

Submitted by Hoon Tai Meng, Executive Director on 3 March 2015 to the SGX

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Rock
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9 years 1 month ago #21844 by Rock

Replied by Rock on topic Chip Eng Seng

Chip Eng Seng Share Buy-Back today: -

Total Number of shares purchased = 1,060,200
Total Consideration paid or payable for the shares = SGD 1,036,349.54
Price Paid per share = SGD 0.975

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Dongdaemun
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9 years 1 month ago #21846 by Dongdaemun

Replied by Dongdaemun on topic Chip Eng Seng

I think it makes good sense for them to buy bk the shares, which then save CES from having to pay out 6 cents a share in dividends on those shares.

It's 6+% yield, much higher than their cost of funds, I am sure.

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potatolover
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9 years 1 month ago #21926 by potatolover

Replied by potatolover on topic Chip Eng Seng

Current NAV - $1.17 (end 2014)

1. divestment of victoria project - 5 cents

2. Nine-residence and Junction Nine - 8 cents

3. Recurring income from investment properties - 2.5 cents

4. Construction income - 3.5 cents

5. Commissioning of Alex Hotel - NAV gain of ~30 cents

Total EPS for 2015 = ~19 cents

Expected NAV by end of 2015 = $0.30 + $0.19 + $1.17 - $0.06 (dividend) = ~$1.60

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