Chip Eng Seng

Chip Eng Seng: Dismal set of results. 1Q rev $47.8m -21.8% yoy -9.1% qoq with net profit at $4.4m -91.7% yoy -84.9% qoq. The steep drop was attributed to absence of property dev contributions from Grange Infinite and other development projects. Rev from property dev fell 99.3% yoy and rev for construction decreased 61.1% yoy. Co’s existing on-going project Yishun N5C2 has not reached an active stage of construction for current quarter. Launches for this quarter include its 128 unit condo project Fulcrum at Fort Rd and Phase Two of My Manhattan. Co’s current orderbook stands at $424m with trailing P/E of 3.7x and P/B 0.7x