SINGAPORE (May 7): Phillip Capital is maintaining its “buy” call on developer Chip Eng Seng (CES) Corporation with an unchanged target price of $1.21, which translates to a P/NAV ratio of 0.95 times at the counter’s closing price of 93 cents last Friday.
This comes after CES’ 1Q18 earnings came in line with expectations, with revenue for the quarter growing 22.3% to $204.3 million on improved performance from its hospitality and property segments on new acquisitions and progressive recognition from unbooked development profits, respectively.
