Chip Eng Seng: Feels the heat in 1Q16 as property and construction cools in Singapore
- 1Q16 net profit $0.8m (-95.5% y/y) on revenue of $111.9m (-33.1%)
- largely due to falling property development (-52.4%) and construction (-21.4%)
- Sold more units at Higher Park, Fulcrum and apartments at Williamsons Estate
- Continues to see pressures from cooling measures by SG govt
- Currently trading at 8.9x trailing PE and 0.5x PB. Net gearing steady at 0.6x.
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