Chip Eng Seng: Co posted 3Q results, revenue at 115.2m, +9.8%yoy, -7.7%qoq. Gross margin remained stable 8.0% vs 8.2% in prev quarter. Net profit to shareholders was at $23.7m, a 37.1% improvement yoy and 5.8%qoq. Net gearing increased from 1.43 to 1.55, LT borrowings increased to finance the acquisition of land and property development…
NAV increased from 43.2 to 46.8 due to EPS of 3.59. P/NAV trading at 0.95x below its historical avg of 1.11x, P/E of 2.71x YTD annualized earnings. Yongnam P/NAV 1.83, P/E, 8.2. OKP P/NAV 2.14, P/E 8.99. Order book for co currently at $406m up from $233m in Q2.
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