“Most of the group’s residential projects have already been substantially sold and, together with an estimated construction order book of $560 million (as at Jan 2018), CES has locked in at least $1 billion in sales – which will be recognised progressively, underpinning strong earnings visibility in the coming years,” says Tay.
SINGAPORE (Feb 14): DBS Group Research is keeping its “buy” recommendation on Chip Eng Seng Corporation (CES) with an unchanged target price of $1.18, on the back of its strong earnings visibility and the potential to unlock its undervalued hotel portfolio.
According to lead analyst Carmen Tay in a Wednesday report, CES has been “selectively acquiring projects in Singapore and overseas which are ripe for the picking.”
