Wednesday, August 10, 2016

Chip Eng Seng

Chip Eng Seng: 2Q16 earnings bulldozed by one-offs
-2Q16 net profit $14.3m (-33%) - Impairment on development property, FX losses, and higher taxes
-2Q16 revenue $234.3m (+18.9%) - divested an Australian property development site, and higher contribution from hotel
-Net gearing nearly doubled to 1x from 0.56x in FY15
-Outlook remains challenging across all segments
-Trading at 10.3x trailing P/E and 0.54x P/B.

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