ChipEngSeng

ChipEngSeng: Fall in rev and profit, results generally lower yoy, 2Q rev at $86.0m -31.1% yoy -67.5% qoq with net profit at $17.7m -14.4% yoy -37.0% qoq. Decrease was attributed to construction segment -46.4% to $45.0m after completion of Grange Infinite. My Manhattan in Simei, launched in Feb 2011 is approx 34% sold with most of co’s other projects close to 100% sold. Other future expected launches include co’s condo project at Fort Rd and maiden DBSS project at Bedok Reservoir Cres. Co has current outstanding order book at $295.5m. Co now trades at 2.3x P/E