06/06/08
DJ MARKET TALK: Singapore Construction Faces Rising Risks -CIMB
0110 GMT [Dow Jones] The Singapore construction sector is facing leaner trading conditions and investors should tread carefully, says CIMB. Broker notes private residential development subdued due to weak buyer demand, with rapid rise in construction costs putting developers' margins under pressure. Broker remains Overweight on Singapore construction sector as a whole, but turns more selective; "we recommend reduced exposure to integrated construction stocks and a switch to specialist construction companies." Adds best placed construction firms are those that have low exposure to higher construction material costs or who can manage their exposure well thanks to short project turnarounds. Says Tat Hong (T03.SG), Tiong Woon (T06.SG), CSC Holdings (C06.SG) are top picks. Latest prices: Tat Hong +0.5% at S$2.19, Tiong Woon +0.9% at S$0.58, CSC +1.7% at S$0.295. (KIG)
Showing posts with label Stock: CSC. Show all posts
Showing posts with label Stock: CSC. Show all posts
Friday, June 6, 2008
Monday, June 2, 2008
Phillip Securites: FY08 results, Buy TP $0.45
30/05/2008
Results in line with expectation. CSC Holdings announced net income of S$43.2 (+400.3% yoy) mil on revenue of S$483.7 mil (+281.8% yoy) for FY08. Gross profit margin improved from 15.4% in FY07 to 20.2% in FY08, while net profit margin increased from 6.8% in FY07 to 8.9% in FY08. The Company proposed a final dividend of 0.5¢/sh, along with a special dividend of 0.4¢/share (tax exempt).
FY08 powered by doubling of capacity. FY08 saw the first full year contribution of L&M Foundation Specialists, a subsidiary that was acquired towards the end of FY07. The acquisition of L&M doubled CSC’s equipment fleet and capacity, which facilitated growth in both top and bottom lines. According to the management, margins were also stronger due to better economies of scale achieved. Management also attributed growth in FY08 to better pricing power amidst the current capacity crunch.
FY09 likely to be marked by geographical expansion. While growth in FY08 was largely fueled by fleet expansion, we expect CSC’s plans to expand geographically to become more apparent in FY09. While we expect results and profitability to continue strengthen into FY09, growth is more likely to be muted.
Maintain BUY, FVE S$0.45. We believe CSC is still an attractive buy at the current price, given the Company’s growth prospects, strategic positioning in the region, and the management’s prudent financial management. We maintain our BUY call on CSC, keeping to our DCF-derived FVE of S$0.45.
Results in line with expectation. CSC Holdings announced net income of S$43.2 (+400.3% yoy) mil on revenue of S$483.7 mil (+281.8% yoy) for FY08. Gross profit margin improved from 15.4% in FY07 to 20.2% in FY08, while net profit margin increased from 6.8% in FY07 to 8.9% in FY08. The Company proposed a final dividend of 0.5¢/sh, along with a special dividend of 0.4¢/share (tax exempt).
FY08 powered by doubling of capacity. FY08 saw the first full year contribution of L&M Foundation Specialists, a subsidiary that was acquired towards the end of FY07. The acquisition of L&M doubled CSC’s equipment fleet and capacity, which facilitated growth in both top and bottom lines. According to the management, margins were also stronger due to better economies of scale achieved. Management also attributed growth in FY08 to better pricing power amidst the current capacity crunch.
FY09 likely to be marked by geographical expansion. While growth in FY08 was largely fueled by fleet expansion, we expect CSC’s plans to expand geographically to become more apparent in FY09. While we expect results and profitability to continue strengthen into FY09, growth is more likely to be muted.
Maintain BUY, FVE S$0.45. We believe CSC is still an attractive buy at the current price, given the Company’s growth prospects, strategic positioning in the region, and the management’s prudent financial management. We maintain our BUY call on CSC, keeping to our DCF-derived FVE of S$0.45.
CIMB: FY08 results Outperform TP $0.49
30/05/2008
• Within expectations. FY08 net profit of S$43.2m (+400% yoy) was in line with our forecast of S$42.8m. Gross margins improved to 20.2% from 15.5% a year ago, attributable to improved operational efficiencies and better-margin contracts. 2HFY08 net profit rose 533% yoy to S$24.1m from S$3.8m in 2HFY07. A final dividend of S$0.005 and special dividend of S$0.004 were declared.
• Operational review. FY08 revenue rose 282% yoy to S$484m on strong demand for specialist foundation engineering (+287% yoy to S$449m) and equipment trading and leasing (+444% yoy to S$33.9m). Depreciation expenses rose sharply due to a reduction in the useful life of equipment from 15 years to 10 years.
• Improved financial position. CSC now has net cash of S$20.3m. It had managed its cash cycle well, with receivables at 38 days vs. payables at 100 days. Operating cash flow was S$50.7m vs. just S$2.2m in FY07.
• Positive outlook. Management remains optimistic of business prospects in the next few years. Current order book of S$400m is expected to expand further as it has been bidding for contracts. Management, however, acknowledged the potential adverse impact from inflationary pressures but given the nature of foundation engineering work, materials can be procured at fixed prices upon securing contracts. Also, CSC’s average contracts have short tenures of 3-6 months, which limits CSC’s exposure to fluctuating prices. A JV with Malaysia’s IJM Corporation is expected to develop new business revenues from the Middle East and India in the medium term.
• Maintain Outperform; lower target of S$0.49 (from S$0.57). With the Kok Tong acquisition aborted, we have cut our growth assumptions and reduced our net profit forecasts by 0.3-16.4% for FY09-10. We also introduce FY11 forecasts.
We continue to value CSC at 10x CY09 P/E, in line with P/E targets for industry peers. Our new target is S$0.49 (previously S$0.57) after our earnings reductions. Maintain Outperform on the back of a still-strong order book and mitigated cost pressures.
• Within expectations. FY08 net profit of S$43.2m (+400% yoy) was in line with our forecast of S$42.8m. Gross margins improved to 20.2% from 15.5% a year ago, attributable to improved operational efficiencies and better-margin contracts. 2HFY08 net profit rose 533% yoy to S$24.1m from S$3.8m in 2HFY07. A final dividend of S$0.005 and special dividend of S$0.004 were declared.
• Operational review. FY08 revenue rose 282% yoy to S$484m on strong demand for specialist foundation engineering (+287% yoy to S$449m) and equipment trading and leasing (+444% yoy to S$33.9m). Depreciation expenses rose sharply due to a reduction in the useful life of equipment from 15 years to 10 years.
• Improved financial position. CSC now has net cash of S$20.3m. It had managed its cash cycle well, with receivables at 38 days vs. payables at 100 days. Operating cash flow was S$50.7m vs. just S$2.2m in FY07.
• Positive outlook. Management remains optimistic of business prospects in the next few years. Current order book of S$400m is expected to expand further as it has been bidding for contracts. Management, however, acknowledged the potential adverse impact from inflationary pressures but given the nature of foundation engineering work, materials can be procured at fixed prices upon securing contracts. Also, CSC’s average contracts have short tenures of 3-6 months, which limits CSC’s exposure to fluctuating prices. A JV with Malaysia’s IJM Corporation is expected to develop new business revenues from the Middle East and India in the medium term.
• Maintain Outperform; lower target of S$0.49 (from S$0.57). With the Kok Tong acquisition aborted, we have cut our growth assumptions and reduced our net profit forecasts by 0.3-16.4% for FY09-10. We also introduce FY11 forecasts.
We continue to value CSC at 10x CY09 P/E, in line with P/E targets for industry peers. Our new target is S$0.49 (previously S$0.57) after our earnings reductions. Maintain Outperform on the back of a still-strong order book and mitigated cost pressures.
BT: CSC earnings jump five times
Business Times - 30 May 2008
CSC earnings jump five times
Strong demand for specialist foundation work, efficiency gain boost margin
By LYNETTE KHOO
RIDING the upswing in the Singapore construction sector, CSC Holdings saw its net profit soar to $43.21 million for the full year ended March 31 - five times the preceding year's $8.6 million.
Revenue almost quadrupled to $483.7 million from $126.7 million, driven by strong organic growth and contributions from three newly acquired subsidiaries. This far outpaced the 46 per cent growth reported in the Building and Construction Authority's report on the value of construction contracts awarded in 2007. Earnings per share rose to 3.85 cents from 0.87.
CSC's gross profit margin improved to 20.2 per cent from 15.4 per cent, thanks to the strong demand for specialist foundation work and improved operational efficiency.
Activity increased across all of CSC's business segments. The company attributed the quantum leap in revenue to strong organic growth and timely acquisitions. It invested $50.8 million in plant and equipment to expand its capacity and capability.
The directors have recommended a tax-exempt final cash dividend of half a cent and a tax-exempt special dividend of 0.4 cent per share. These dividends are on top of a special dividend paid out in December 2007 of 0.282 cent.
CSC is optimistic about prospects for the current financial year despite the sub-prime crisis in the US, rising building material costs, fluctuating oil prices and a general shortage of resources.
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It managed these issues by procuring key materials at fixed prices upon securing contracts. Given that the average duration of a contract is about three to six months, the group's exposure to fluctuating prices is relatively manageable, said CSC.
CSC has also made inroads into Malaysia through a joint venture with IJM Construction Sdn Bhd and is looking to boost its revenue stream by diversifying into the Middle East and other Asian markets.
'We are committed to building our presence in the overseas markets where investment in real estate and infrastructure are rapidly growing,' said CSC chief executive See Yen Tarn.
At May 23, the group's outstanding order book was about $400 million.
CSC shares ended trading yesterday at 27.5 cents, down half a cent.
Thursday, April 24, 2008
CSC: Lapse of PROPOSED ACQUISITION OF 60% EQUITY STAKE IN CLS HOLDINGS PTE. LTD.
PROPOSED ACQUISITION OF 60% EQUITY STAKE IN CLS HOLDINGS PTE. LTD.
We refer to the announcement of the Company dated 1 April 2008 on the subject matter above and the subsequent discussions on the extension of the non-binding memorandum of understanding (the “MOU”) with Chua Lai Seng (the “Vendor”). The Board of Directors (the “Board”) wishes to announce that after considering the merits of the request from the Vendor and the interests of the Company, the Board had decided to allow the MOU to lapse and not to extend the exclusivity period which ends on 31 March 2008.
BY ORDER OF THE BOARD
Lee Quang Loong
Company Secretary
Date: 22 April 2008
We refer to the announcement of the Company dated 1 April 2008 on the subject matter above and the subsequent discussions on the extension of the non-binding memorandum of understanding (the “MOU”) with Chua Lai Seng (the “Vendor”). The Board of Directors (the “Board”) wishes to announce that after considering the merits of the request from the Vendor and the interests of the Company, the Board had decided to allow the MOU to lapse and not to extend the exclusivity period which ends on 31 March 2008.
BY ORDER OF THE BOARD
Lee Quang Loong
Company Secretary
Date: 22 April 2008
CSC: WINS ANOTHER CONTRACT IN THE ENERGY RELATED INDUSTRY $47m
CSC WINS ANOTHER CONTRACT IN THE ENERGY RELATED INDUSTRY
S$47m Contract is the Group’s Largest Driven Pre-Stressed Concrete Pile Project
Marking yet another milestone for the Group, a subsidiary of CSC Holdings Limited (“CSC”), has won a S$47 million foundation contract worth from Norway’s Renewable Energy Corporation ASA (“REC”). For CSC, this is the largest driven pre-stressed concrete pile project secured. The contract will be for a period of nine months. REC will be investing up to S$6.3 billion over the next five years to build the world’s largest fully integrated solar manufacturing complex here. When fully developed, the complex will be capable of producing up to 1.5GW of solar wafers, cells and modules annually, or about 75% of the world’s output in 2006.
This latest contract secured is a resounding vote of confidence to our ability and commitment to construct and deliver results for our customers within a tight turnaround time. CSC is honoured
to be given a chance to work with REC on such an iconic development.
In addition to this contract win, the Group recently also secured other foundation engineering
and geotechnical investigation and instrumentation jobs valued at about S$24 million collectively. These include works for a Downtown Line MRT station, public housing development in Bukit Merah and works for an electrical sub-station building at Choa Chu Kang.
With these recently secured contracts amounting to a total of S$71 million, the Group’s order book now stands at approximately S$400 million. Most of the projects will be completed within
the next 12 months.
BY ORDER OF THE BOARD
Lee Quang Loong
Company Secretary
S$47m Contract is the Group’s Largest Driven Pre-Stressed Concrete Pile Project
Marking yet another milestone for the Group, a subsidiary of CSC Holdings Limited (“CSC”), has won a S$47 million foundation contract worth from Norway’s Renewable Energy Corporation ASA (“REC”). For CSC, this is the largest driven pre-stressed concrete pile project secured. The contract will be for a period of nine months. REC will be investing up to S$6.3 billion over the next five years to build the world’s largest fully integrated solar manufacturing complex here. When fully developed, the complex will be capable of producing up to 1.5GW of solar wafers, cells and modules annually, or about 75% of the world’s output in 2006.
This latest contract secured is a resounding vote of confidence to our ability and commitment to construct and deliver results for our customers within a tight turnaround time. CSC is honoured
to be given a chance to work with REC on such an iconic development.
In addition to this contract win, the Group recently also secured other foundation engineering
and geotechnical investigation and instrumentation jobs valued at about S$24 million collectively. These include works for a Downtown Line MRT station, public housing development in Bukit Merah and works for an electrical sub-station building at Choa Chu Kang.
With these recently secured contracts amounting to a total of S$71 million, the Group’s order book now stands at approximately S$400 million. Most of the projects will be completed within
the next 12 months.
BY ORDER OF THE BOARD
Lee Quang Loong
Company Secretary
Thursday, March 6, 2008
CSC: INSTALL FOUNDATION PILES FOR WORLD'S LARGEST RENEWABLE BIO-DIESEL PLANT $33M
PRESS RELEASE
CSC TO INSTALL FOUNDATION PILES FOR WORLD’S LARGEST RENEWABLE BIO-DIESEL PLANT
SINGAPORE, March 6, 2008 – Finland’s Neste Oil OYJ is building the world’s largest renewable bio-diesel plant in Tuas and has commissioned one of CSC Holdings Limited’s (“CSC” or “the Group”) wholly owned subsidiaries to construct the foundation for the facility.
When completed the bio-diesel plant is capable of converting renewable feedstock like palm oil into some 800,000 tonnes of bio-diesel annually. The contract for the foundation work is worth approximately S$33 million.
Work at the site will involve the installation of a large number of driven piles and some civil engineering work and is scheduled to commence in early March and be completed by the end of the year.
CSC is delighted and honoured to work with Neste Oil to construct the foundation for this esteemed project and looks forward to securing more of such exciting contracts in the future.
This contract adds to CSC’s list of foundation contracts for projects in the energy related industries and enhances the reputation and track record of the Group.
In addition to this contract win, the Group has also recently secured several other foundation engineering, geotechnical investigation and instrumentation jobs worth approximately S$30 million collectively. These include works at the proposed Woodsville Interchange, the ITE campus at Bukit Batok and public housing development at Sengkang.
With these recently secured contracts amounting to S$63 million, the Group’s order book now stands at approximately S$435 million. Most of the projects are expected to be completed within the next 12 months.
CSC TO INSTALL FOUNDATION PILES FOR WORLD’S LARGEST RENEWABLE BIO-DIESEL PLANT
SINGAPORE, March 6, 2008 – Finland’s Neste Oil OYJ is building the world’s largest renewable bio-diesel plant in Tuas and has commissioned one of CSC Holdings Limited’s (“CSC” or “the Group”) wholly owned subsidiaries to construct the foundation for the facility.
When completed the bio-diesel plant is capable of converting renewable feedstock like palm oil into some 800,000 tonnes of bio-diesel annually. The contract for the foundation work is worth approximately S$33 million.
Work at the site will involve the installation of a large number of driven piles and some civil engineering work and is scheduled to commence in early March and be completed by the end of the year.
CSC is delighted and honoured to work with Neste Oil to construct the foundation for this esteemed project and looks forward to securing more of such exciting contracts in the future.
This contract adds to CSC’s list of foundation contracts for projects in the energy related industries and enhances the reputation and track record of the Group.
In addition to this contract win, the Group has also recently secured several other foundation engineering, geotechnical investigation and instrumentation jobs worth approximately S$30 million collectively. These include works at the proposed Woodsville Interchange, the ITE campus at Bukit Batok and public housing development at Sengkang.
With these recently secured contracts amounting to S$63 million, the Group’s order book now stands at approximately S$435 million. Most of the projects are expected to be completed within the next 12 months.
Tuesday, February 26, 2008
CSC: INCORPORATION OF A MALAYSIAN SUBSIDIARY - CSCGE
26 Feb 2008
The Board of Directors (“Directors”) of CSC Holdings Limited (the “Company”) wishes to announce that it has on 25 February 2008 incorporated a wholly owned subsidiary in Malaysia under the name of CSC Ground Engineering Sdn Bhd (“CSCGE”).
The Board of Directors (“Directors”) of CSC Holdings Limited (the “Company”) wishes to announce that it has on 25 February 2008 incorporated a wholly owned subsidiary in Malaysia under the name of CSC Ground Engineering Sdn Bhd (“CSCGE”).
Thursday, February 21, 2008
CSC: BAGS MARINA BAY FINANCIAL CENTRE CONTRACT $118M
CSC BAGS MARINA BAY FINANCIAL CENTRE CONTRACT
Latest win boosts order book to S$448m
SINGAPORE, 31 January 2008 – Leading foundation and geotechnical engineering specialist, CSC Holdings Limited ("CSC" or "the Group"), has seen a further boost to its portfolio by bagging the foundation works contract for phase two of the Marina Bay Financial Centre (BFC) Commercial Tower.
The contract was awarded by Central Boulevard Development Pte Ltd – a joint venture between Cheung Kong (Holdings) Limited, Hongkong Land Limited and Keppel Land Limited.
Work at the Marina BFC Commercial Tower will involve bored piling, diaphragm wall and ground improvement works, and is scheduled to commence at the end of this month and be
completed by the first quarter of 2009.
This latest contract win was one of four foundation works secured by CSC in the past three weeks. The other three are Alexandra Industrial Park, Lonza Biologics Plant (Phase Three) at Tuas, and public housing projects at Choa Chu Kang/Yishun. Collectively, the contracts are about S$118 million, with the bulk of it being contributed by the Marina BFC.
Mr See Yen Tarn, Chief Executive Officer of CSC Holdings Limited said, "Our strategy of extending our capabilities via strategic acquisitions as well as organic growth has enabled us to become the only ground engineering specialist in Singapore, who can provide a full range of foundation works. This has not only served us well in giving us an edge in the tendering process of various foundation contracts, but also laid the ground work for future growth."
The four new contracts wins come just three weeks after CSC announced on 10 January
2008 that it had secured several foundation contracts amounting to S$120 million. The Group’s order book to date stands at S$448 million, with most of the projects to be completed within the next 12 months.
For the six months ended 30 September 2007, the Group’s revenue was S$185 million with profit after tax of S$20 million. These have surpassed the Group’s revenue of S$127 million and profit after tax of S$9.3 million respectively for the full financial year ended 31 March 2007.
Preliminary figures released in mid-January 2008 by the Building and Construction Authority ("BCA") indicate that Construction demand in Year 2007 was approximately S$24.5 billion.
Expected demand for Year 2008 is between S$23 billion and S$27 billion. The Land and Transport Authority has also announced its plan to construct 4 new MRT Lines in addition to the 3 lines which are under construction. In addition, 2 new Expressways will also be added to our land transport network.
The Group sees many opportunities in local market with the expected increase in infrastructure works (e.g. MRT Lines), private/public housing projects and institutional projects, amongst others. Added Mr. See, "While we continue to ride on our strength at home, we will also aim to further establish our overseas presence to ensure substainable growth of the Group beyond the current construction boom in Singapore".
Latest win boosts order book to S$448m
SINGAPORE, 31 January 2008 – Leading foundation and geotechnical engineering specialist, CSC Holdings Limited ("CSC" or "the Group"), has seen a further boost to its portfolio by bagging the foundation works contract for phase two of the Marina Bay Financial Centre (BFC) Commercial Tower.
The contract was awarded by Central Boulevard Development Pte Ltd – a joint venture between Cheung Kong (Holdings) Limited, Hongkong Land Limited and Keppel Land Limited.
Work at the Marina BFC Commercial Tower will involve bored piling, diaphragm wall and ground improvement works, and is scheduled to commence at the end of this month and be
completed by the first quarter of 2009.
This latest contract win was one of four foundation works secured by CSC in the past three weeks. The other three are Alexandra Industrial Park, Lonza Biologics Plant (Phase Three) at Tuas, and public housing projects at Choa Chu Kang/Yishun. Collectively, the contracts are about S$118 million, with the bulk of it being contributed by the Marina BFC.
Mr See Yen Tarn, Chief Executive Officer of CSC Holdings Limited said, "Our strategy of extending our capabilities via strategic acquisitions as well as organic growth has enabled us to become the only ground engineering specialist in Singapore, who can provide a full range of foundation works. This has not only served us well in giving us an edge in the tendering process of various foundation contracts, but also laid the ground work for future growth."
The four new contracts wins come just three weeks after CSC announced on 10 January
2008 that it had secured several foundation contracts amounting to S$120 million. The Group’s order book to date stands at S$448 million, with most of the projects to be completed within the next 12 months.
For the six months ended 30 September 2007, the Group’s revenue was S$185 million with profit after tax of S$20 million. These have surpassed the Group’s revenue of S$127 million and profit after tax of S$9.3 million respectively for the full financial year ended 31 March 2007.
Preliminary figures released in mid-January 2008 by the Building and Construction Authority ("BCA") indicate that Construction demand in Year 2007 was approximately S$24.5 billion.
Expected demand for Year 2008 is between S$23 billion and S$27 billion. The Land and Transport Authority has also announced its plan to construct 4 new MRT Lines in addition to the 3 lines which are under construction. In addition, 2 new Expressways will also be added to our land transport network.
The Group sees many opportunities in local market with the expected increase in infrastructure works (e.g. MRT Lines), private/public housing projects and institutional projects, amongst others. Added Mr. See, "While we continue to ride on our strength at home, we will also aim to further establish our overseas presence to ensure substainable growth of the Group beyond the current construction boom in Singapore".
Tuesday, February 5, 2008
CIMB: CSC TP $0.57
CSC Holdings (S$0.25) - Undervalued
- CIMB 31st-Jan-08
CSC's recent acquisitions and a 70:30 JV with Malaysia's IJM Corp are positive moves to expand its business and expertise, and should support future earnings growth.
The industry outlook remains robust with activities likely to accelerate in the coming months.
We upgrade our net profit forecasts for FY08-10 by 32-116% to capture better margins as well as higher revenue recognition from a robust order book of S$330m.
We upgrade the stock from Neutral to Outperform with a new target price of S$0.57 (previously S$0.36), after rolling forward our target price to CY09 but based on a lower 10x P/E compared to 15x previously.
- CIMB 31st-Jan-08
CSC's recent acquisitions and a 70:30 JV with Malaysia's IJM Corp are positive moves to expand its business and expertise, and should support future earnings growth.
The industry outlook remains robust with activities likely to accelerate in the coming months.
We upgrade our net profit forecasts for FY08-10 by 32-116% to capture better margins as well as higher revenue recognition from a robust order book of S$330m.
We upgrade the stock from Neutral to Outperform with a new target price of S$0.57 (previously S$0.36), after rolling forward our target price to CY09 but based on a lower 10x P/E compared to 15x previously.
Sunday, January 13, 2008
CSC share price evaluation review
I have got this rather simplified yet achievable approach to estimate CSC fair value in the next 12 month.
1. 1H08 net profit 19m.
2. 2H08 net profit estimate 27m (very conservative guesstimate) which is solely based on the 2 IRs incomes:
- Sands IR contracts + Resort World IR contract = 240m+54m+6m=300m,
- assuming only 90% completion by end march 08 (FY08 date),
- assuming a conservative profit margin of 10% (realistic range shld be 15-20%),
- so net profit for 2H08= 300mx90%x10%=27m
3. so FY08 conservative net profilt = 19m+27m = 46m
4. FY08 EPS = 46m / 1,126m ordinary issued shares = 4.1c
So now the current market paying CSC at 32c/share, ie trading FY08 PE at 7.8x, or 37x FY07 (FY07 EPS = 0.86c).
so lets have a look on how CSC price ranging along with the FY08 EPS 4.1c
at PE 10x, share price => 41c
at PE 20x, share price => 82c
at PE 30x, share price => $1.23
Conclusion:
Current market trading CSC at 32c, ie the current down market still values CSC at 37x FY07 PE (0.32/0.0086), CSC traget price for the next 12 months should be within $0.82 -$1.23. This is supported by:
1. FY08 EPS of 4.1c is based on a very conservative calculation.
2. When market sentiment turns bullish.
3. When it is in bullish market sentiment, CSC share price trading at PE 20x - 30x is undemanding.
4. More analysts coverage.
1. 1H08 net profit 19m.
2. 2H08 net profit estimate 27m (very conservative guesstimate) which is solely based on the 2 IRs incomes:
- Sands IR contracts + Resort World IR contract = 240m+54m+6m=300m,
- assuming only 90% completion by end march 08 (FY08 date),
- assuming a conservative profit margin of 10% (realistic range shld be 15-20%),
- so net profit for 2H08= 300mx90%x10%=27m
3. so FY08 conservative net profilt = 19m+27m = 46m
4. FY08 EPS = 46m / 1,126m ordinary issued shares = 4.1c
So now the current market paying CSC at 32c/share, ie trading FY08 PE at 7.8x, or 37x FY07 (FY07 EPS = 0.86c).
so lets have a look on how CSC price ranging along with the FY08 EPS 4.1c
at PE 10x, share price => 41c
at PE 20x, share price => 82c
at PE 30x, share price => $1.23
Conclusion:
Current market trading CSC at 32c, ie the current down market still values CSC at 37x FY07 PE (0.32/0.0086), CSC traget price for the next 12 months should be within $0.82 -$1.23. This is supported by:
1. FY08 EPS of 4.1c is based on a very conservative calculation.
2. When market sentiment turns bullish.
3. When it is in bullish market sentiment, CSC share price trading at PE 20x - 30x is undemanding.
4. More analysts coverage.
Friday, January 11, 2008
KE: CSC Holdings TP $0.53, S$120m contracts won over past 2 months
KE live
CSC Holdings - S$120m worth of contracts won over past 2 months.
CSC announced that it has clinched a total of S$120m worth of foundation and geotechnical engineering contracts from both the public and private sectors over the past two months. Some of the more notable projects include foundation works for Collyer Quay commercial development, Reflections at Keppel Bay, Downtown Line extension, Fusionpolis, etc.
With this latest round of contract wins, CSC’s orderbook has swelled to S$330m; these will be delivered over the next 12 months.
As one of the largest player in Singapore specializing in foundation and geotechnical engineering works, the company is poised to benefit from the construction industry upturn in Singapore amid a tight supply situation, translating to pricing power and healthy margins. To alleviate the capacity strains in the industry, the government recently pushed back some public sector infrastructural projects.
We believe the company will continue to exhibit strong earnings growth on the back of acquisitive and organic growth. The stock is trading at undemanding 9x P/E (FY3/0 and 8x P/E (FY3/09).
Assuming it trades up to peer average of 12x, fair value target is S$0.53/share. In our view, consensus estimate has not priced in the group’s buoyant prospects.
CSC Holdings - S$120m worth of contracts won over past 2 months.
CSC announced that it has clinched a total of S$120m worth of foundation and geotechnical engineering contracts from both the public and private sectors over the past two months. Some of the more notable projects include foundation works for Collyer Quay commercial development, Reflections at Keppel Bay, Downtown Line extension, Fusionpolis, etc.
With this latest round of contract wins, CSC’s orderbook has swelled to S$330m; these will be delivered over the next 12 months.
As one of the largest player in Singapore specializing in foundation and geotechnical engineering works, the company is poised to benefit from the construction industry upturn in Singapore amid a tight supply situation, translating to pricing power and healthy margins. To alleviate the capacity strains in the industry, the government recently pushed back some public sector infrastructural projects.
We believe the company will continue to exhibit strong earnings growth on the back of acquisitive and organic growth. The stock is trading at undemanding 9x P/E (FY3/0 and 8x P/E (FY3/09).
Assuming it trades up to peer average of 12x, fair value target is S$0.53/share. In our view, consensus estimate has not priced in the group’s buoyant prospects.
BT: Deals worth $120m secured in the past two months
Business Times - 11 Jan 2008
New contracts boost CSC's order book to $330m
Deals worth $120m secured in the past two months
SINGAPORE ground-engineering specialist CSC Holdings has won $120 million of foundation and geo-technical contracts from the public and private sectors in the past two months.
The deals have boosted its order book to some $330 million as of Wednesday this week, the group said in an update yesterday.
The new contracts are expected to be largely completed within 12 months.
CSC said construction demand in Singapore remains vibrant, with new potential projects on the horizon from redevelopment in Orchard and Beach roads, a proposed bio-diesel complex, a solar panel manufacturing plant, Jurong Island petrochemical plants, Tuas pharmaceutical hub, Phase 2 of the Business and Financial Centre and increased public housing projects.
To help position itself for the boom, CSC recently proposed to acquire an investment holding company of Singapore's largest earthworks contractor, Kok Tong Group, and leading tunnelling and automatic monitoring survey specialist Wisescan Engineering Services.
CSC has also entered into a joint-venture with Malaysia-based IJM Construction, which has experience in civil, building and infrastructure works and has an extensive Malaysian and regional network.
CSC is also exploring opportunities in Vietnam and the Middle East.
'The construction boom in Singapore and the region has presented many exciting opportunities and we will continue to seize the day,' said its chief executive See Yen Tarn.
'As the market continues to grow steadily we look forward to more opportunities to grow alongside our existing and potential partners in the construction sector and enhance our stakeholders' value.'
Major foundation contracts won recently from the public sector include The Tree Lodge, a Housing Development Board (HDB) project for the green precinct development at Punggol West; Fusionopolis, a project at the one-north research and innovation hub; and sections of the Mass Rapid Transport Downtown Line extension.
Private sector deals won include foundation contracts for The Reflections at Keppel Bay, a high-end waterfront residential condominium; a hotel and commercial development at Collyer Quay; and Mont Kiara @ Eleven, a luxury condominium development in Kuala Lumpur.
For the first six months ended September 2007, CSC's revenue was $185 million. This surpassed group revenue of $127 million for the full financial year ended March 2007.
New contracts boost CSC's order book to $330m
Deals worth $120m secured in the past two months
SINGAPORE ground-engineering specialist CSC Holdings has won $120 million of foundation and geo-technical contracts from the public and private sectors in the past two months.
The deals have boosted its order book to some $330 million as of Wednesday this week, the group said in an update yesterday.
The new contracts are expected to be largely completed within 12 months.
CSC said construction demand in Singapore remains vibrant, with new potential projects on the horizon from redevelopment in Orchard and Beach roads, a proposed bio-diesel complex, a solar panel manufacturing plant, Jurong Island petrochemical plants, Tuas pharmaceutical hub, Phase 2 of the Business and Financial Centre and increased public housing projects.
To help position itself for the boom, CSC recently proposed to acquire an investment holding company of Singapore's largest earthworks contractor, Kok Tong Group, and leading tunnelling and automatic monitoring survey specialist Wisescan Engineering Services.
CSC has also entered into a joint-venture with Malaysia-based IJM Construction, which has experience in civil, building and infrastructure works and has an extensive Malaysian and regional network.
CSC is also exploring opportunities in Vietnam and the Middle East.
'The construction boom in Singapore and the region has presented many exciting opportunities and we will continue to seize the day,' said its chief executive See Yen Tarn.
'As the market continues to grow steadily we look forward to more opportunities to grow alongside our existing and potential partners in the construction sector and enhance our stakeholders' value.'
Major foundation contracts won recently from the public sector include The Tree Lodge, a Housing Development Board (HDB) project for the green precinct development at Punggol West; Fusionopolis, a project at the one-north research and innovation hub; and sections of the Mass Rapid Transport Downtown Line extension.
Private sector deals won include foundation contracts for The Reflections at Keppel Bay, a high-end waterfront residential condominium; a hotel and commercial development at Collyer Quay; and Mont Kiara @ Eleven, a luxury condominium development in Kuala Lumpur.
For the first six months ended September 2007, CSC's revenue was $185 million. This surpassed group revenue of $127 million for the full financial year ended March 2007.
Sunday, January 6, 2008
BT: CSC to buy 70% of Wisescan Engg for $2.7m
Business Times - 05 Jan 2008
CSC to buy 70% of Wisescan Engg for $2.7m
By CHEW XIANG
CONSTRUCTION group CSC Holdings, which specialises in foundation and geotechnical engineering, has signed a sale and purchase agreement for a 70 per cent stake in Wisescan Engineering Services for $2.65 million.
The purchase will be made through CSC's wholly owned subsidiary, Soil Investigation.
The sellers are Wisescan's managing director Chua Keng Guan and Chua Limin. Mr Chua Keng Guan will retain a 30 per cent stake and his position as managing director.
The sellers are guaranteeing a pre-tax profit of at least $800,000 a year for three years from April 1 this year. They will pay 70 per cent of the shortfall if the target is not met.
Wisescan is a surveyor specialising in solutions relating to tunnelling and automatic monitoring survey. It also has a presence in several overseas markets including Taiwan, China, India and Malaysia.
With the proposed acquisition, CSC is gearing up to handle more infrastructure and transport projects in Singapore such as the extension of mass rapid transit lines and the underground utility cable tunnel.
'With the Singapore government's recent announcements to develop and build new mass rapid transport and other infrastructure plans ... the proposed acquisition will enhance the group's synergistic competitiveness while broadening the group's presence in overseas markets,' it said in a statement.
The acquisition, which is subject to satisfactory due diligence on Wisescan, is expected to be completed within four months. It is not expected to have any material effect on the group's net tangible assets and earnings per share for the current financial year.
Last November, CSC reported net profit for the six months to Sept 30 of $19.1 million, up from $4.8 million for the previous corresponding period, as revenue surged 245 per cent to $185 million.
CSC closed yesterday at 33.5 cents, down 1.5 per cent.
CSC to buy 70% of Wisescan Engg for $2.7m
By CHEW XIANG
CONSTRUCTION group CSC Holdings, which specialises in foundation and geotechnical engineering, has signed a sale and purchase agreement for a 70 per cent stake in Wisescan Engineering Services for $2.65 million.
The purchase will be made through CSC's wholly owned subsidiary, Soil Investigation.
The sellers are Wisescan's managing director Chua Keng Guan and Chua Limin. Mr Chua Keng Guan will retain a 30 per cent stake and his position as managing director.
The sellers are guaranteeing a pre-tax profit of at least $800,000 a year for three years from April 1 this year. They will pay 70 per cent of the shortfall if the target is not met.
Wisescan is a surveyor specialising in solutions relating to tunnelling and automatic monitoring survey. It also has a presence in several overseas markets including Taiwan, China, India and Malaysia.
With the proposed acquisition, CSC is gearing up to handle more infrastructure and transport projects in Singapore such as the extension of mass rapid transit lines and the underground utility cable tunnel.
'With the Singapore government's recent announcements to develop and build new mass rapid transport and other infrastructure plans ... the proposed acquisition will enhance the group's synergistic competitiveness while broadening the group's presence in overseas markets,' it said in a statement.
The acquisition, which is subject to satisfactory due diligence on Wisescan, is expected to be completed within four months. It is not expected to have any material effect on the group's net tangible assets and earnings per share for the current financial year.
Last November, CSC reported net profit for the six months to Sept 30 of $19.1 million, up from $4.8 million for the previous corresponding period, as revenue surged 245 per cent to $185 million.
CSC closed yesterday at 33.5 cents, down 1.5 per cent.
Friday, January 4, 2008
CSC 2007 Review
One thing we have to appreciate CSC in fact has done very well in 2007.
3/1 - 31/12 of 2007
CSC share price movement
21cts - 32cts => up 52% (an investment delivers 52% rtn a yr one has to be contented)
SGX Construction index
461 - 596 => up 29%
SGX STI index
3037 - 3482 => up 15%
With visible fatty incomes generated from sands IR and other key projects into financial year 2008, CSC FY08 will definitely outperform FY07 as well as its share price appreciation moving into 2008! From my own judgement, final dividend payout for FY08 is almost certain.
3/1 - 31/12 of 2007
CSC share price movement
21cts - 32cts => up 52% (an investment delivers 52% rtn a yr one has to be contented)
SGX Construction index
461 - 596 => up 29%
SGX STI index
3037 - 3482 => up 15%
With visible fatty incomes generated from sands IR and other key projects into financial year 2008, CSC FY08 will definitely outperform FY07 as well as its share price appreciation moving into 2008! From my own judgement, final dividend payout for FY08 is almost certain.
Monday, December 31, 2007
Company announcement: CSC 70:30 JV with M'sia IJMC
The Board of Directors of CSC Holdings Limited (the “Company” or “CSC”) wishes to announce that it has entered into a Shareholders Agreement (“SA”) with IJM Construction Sdn Bhd (“IJMC”) a wholly owned subsidiary of IJM Corporation Berhad (a company listed on the Bursa Malaysia Securities Berhad) to form a joint venture (the “JV Co”) for the purpose of carrying out the business of foundation engineering and other related works in Malaysia and the region.
IJMC has its core business and competencies in civil, building and infrastructure constructions and has a strong and extensive network in Malaysia in relation to its business.
It is the intention of both parties for the JV Co to have an authorised share capital of RM20,000,000 or approximately S$8,700,000 with an initial paid up capital of RM10,000,000
or approximately S$4,350,000. Under the terms of the SA, CSC shall hold 70% of the JV Co while IJMC would hold the remaining 30%.
The completion of the SA is conditional upon the fulfillment of all conditions precedent in the SA and obtaining of all governmental and other approvals and/or consents which may be required in connection with the transactions contemplated.
The formation of the JV Co is not expected to have any material impact on the earnings of the Company for the financial year ending 31 March 2008. The Company intends to fund the investment in the JV Co using its own internal resources.
None of the directors or substantial shareholders of the Company has any interest, direct or indirect, in the SA.
BY ORDER OF THE BOARD
Lee Quang Loong
Company Secretary
Date: 21 December 2007
IJMC has its core business and competencies in civil, building and infrastructure constructions and has a strong and extensive network in Malaysia in relation to its business.
It is the intention of both parties for the JV Co to have an authorised share capital of RM20,000,000 or approximately S$8,700,000 with an initial paid up capital of RM10,000,000
or approximately S$4,350,000. Under the terms of the SA, CSC shall hold 70% of the JV Co while IJMC would hold the remaining 30%.
The completion of the SA is conditional upon the fulfillment of all conditions precedent in the SA and obtaining of all governmental and other approvals and/or consents which may be required in connection with the transactions contemplated.
The formation of the JV Co is not expected to have any material impact on the earnings of the Company for the financial year ending 31 March 2008. The Company intends to fund the investment in the JV Co using its own internal resources.
None of the directors or substantial shareholders of the Company has any interest, direct or indirect, in the SA.
BY ORDER OF THE BOARD
Lee Quang Loong
Company Secretary
Date: 21 December 2007
Saturday, November 17, 2007
Analyst report on CSC
CSC Holdings - Sterling Results (Results)
15 Nov 2007
In 1H08, revenue jumped 245% YOY to S$185m while net profit surged 296% to S$19.1m.
Strong organic growth resulting from the buoyant Singapore construction sector, coupled with the acquisition of L&M Foundation, Soil Investigation and G-Pile Sistem, contributed to the stellar performance.
Construction counters are trading at an average forward PE07 of 21.8x and PE08 of 10.7x. However, most of them have December as their fiscal year-end and are currently towards the end of FY07 while CSC Holdings year-end is in March and is currently in FY08.
Given positive developments at CSC, we use a PE08 of 14x, and its diluted EPS of 3.18, to value CSC Holdings at 44.5 cts. Hence, we upgrade CSC Holdings to a BUY recommendation.
15 Nov 2007
In 1H08, revenue jumped 245% YOY to S$185m while net profit surged 296% to S$19.1m.
Strong organic growth resulting from the buoyant Singapore construction sector, coupled with the acquisition of L&M Foundation, Soil Investigation and G-Pile Sistem, contributed to the stellar performance.
Construction counters are trading at an average forward PE07 of 21.8x and PE08 of 10.7x. However, most of them have December as their fiscal year-end and are currently towards the end of FY07 while CSC Holdings year-end is in March and is currently in FY08.
Given positive developments at CSC, we use a PE08 of 14x, and its diluted EPS of 3.18, to value CSC Holdings at 44.5 cts. Hence, we upgrade CSC Holdings to a BUY recommendation.
Monday, November 12, 2007
CSC 1H08 Results digest - 9 Nov 07
CSC released its stunning 1H08 results (end sep 08) due to robust construction demand in singapore. Here are the highlights.
1H08 Financials:
- Rev: 185m vs 56m or 230% up
- Gross profit margin 21.6% (40m/185m) vs 15.4% (8.3m/54m)
- Net profit margin 10.8% (20m/185m) vs 9% (5m/54m)
- np: 19m vs 5m or 280% up
- eps: 1.71cts vs 0.49cts or 249% up
- nav: 9.7cts (as of 30/09/07)
- shares: 1,119,217,635 as of 30/09/07
FY07 results:
- FY07 (at 31/03/07 out 24/05/07):
- Rev: $127m (+18%)
- Net profit: $8.6m (+128%)
- EPS=$0.0086 (+126%)
- Shares as at 31/03/07: 1,112,391,951
FY06 results:
-FY06 ( 31/03/06): EPS=$0.0038
Biz highlights:
- gross margin improved from 15% to 22%.
- strong contribution from new sub, L&M, G-pile and soil investigation
- beside marina & Sentosa IR projects, larger projects won in 1H08 are Lonza Biologics bio-reactor plant, Invista Ammonia Plant, public housing, school construction, private residential projects, infra project MRT Downtown Line extension.
- acquired additional plant and machinery excess$20m in 1H08
- involved in strategic initiatives to embark project in m'sia, vietnam, middle east.
- currently actively tendering for projects in m'sia.
- Acquired 60% Kok Tong Group in Oct 07.
- current order books $304m.
- first time dividend payout $0.00282 (from S44A tax credit).
- mgt expect to perform better in 2H08.
Evaluaion:
- at current $0.35, it is trading at historical FY07 PE 40x (FY07 EPS $0.0086).
- this year high at 0.495, ie, trading at FY07 PE 58x.
CASE 1
- so at current price 0.35, it is trading at FY08 PE 12x (ie 0.35/0.03)
- if trading at PE 30, stock price will be at $0.03 x 30 = $ 0.90 (reasonable expectation)
- if trading at PE 40, stock price will be $0.03 x 40 = $ 1.2 (moderate expectation)
- if trading at PE 58, stock price will be at $0.03 x 58 = $ 1.74 (rosy expectation)
CASE 2
So lets work out the FY08 EPS from its earnings.
- 1H08 net profit $19m.
- take a conservative view, say same earnings for the 2H08 ie, another 19m (highly achievable!).
- so FY08 net profit $19m+$19m = $38m,
- FY08 EPS = 38m/1,119,217,635 = $0.034.
- so at current price 0.35, it is trading at FY08 PE 10.3x (ie 0.35/0.034)
- if trading at PE 30x, stock price will be at $0.034 x 30 = $ 1.02 (reasonable expectation)
- if trading at PE 40x, stock price will be $0.034 x 40 = $ 1.36 (moderate expectation)
- if trading at PE 58x, stock price will be at $0.034 x 58 = $ 1.972 (rosy expectation)
Conclusion:
- With the very good start 1H08 results and expecting even better results in the next 6-12 months, especially we can expect at least 90% contribution from the $294m Sands IR project into FY08 (have to be completed by feb-april 2008 & FY08 ends in March). CSC share price to reach at $1.0 range is something not impossible!!
1H08 Financials:
- Rev: 185m vs 56m or 230% up
- Gross profit margin 21.6% (40m/185m) vs 15.4% (8.3m/54m)
- Net profit margin 10.8% (20m/185m) vs 9% (5m/54m)
- np: 19m vs 5m or 280% up
- eps: 1.71cts vs 0.49cts or 249% up
- nav: 9.7cts (as of 30/09/07)
- shares: 1,119,217,635 as of 30/09/07
FY07 results:
- FY07 (at 31/03/07 out 24/05/07):
- Rev: $127m (+18%)
- Net profit: $8.6m (+128%)
- EPS=$0.0086 (+126%)
- Shares as at 31/03/07: 1,112,391,951
FY06 results:
-FY06 ( 31/03/06): EPS=$0.0038
Biz highlights:
- gross margin improved from 15% to 22%.
- strong contribution from new sub, L&M, G-pile and soil investigation
- beside marina & Sentosa IR projects, larger projects won in 1H08 are Lonza Biologics bio-reactor plant, Invista Ammonia Plant, public housing, school construction, private residential projects, infra project MRT Downtown Line extension.
- acquired additional plant and machinery excess$20m in 1H08
- involved in strategic initiatives to embark project in m'sia, vietnam, middle east.
- currently actively tendering for projects in m'sia.
- Acquired 60% Kok Tong Group in Oct 07.
- current order books $304m.
- first time dividend payout $0.00282 (from S44A tax credit).
- mgt expect to perform better in 2H08.
Evaluaion:
- at current $0.35, it is trading at historical FY07 PE 40x (FY07 EPS $0.0086).
- this year high at 0.495, ie, trading at FY07 PE 58x.
- so at current price 0.35, it is trading at FY08 PE 12x (ie 0.35/0.03)
- if trading at PE 30, stock price will be at $0.03 x 30 = $ 0.90 (reasonable expectation)
- if trading at PE 40, stock price will be $0.03 x 40 = $ 1.2 (moderate expectation)
- if trading at PE 58, stock price will be at $0.03 x 58 = $ 1.74 (rosy expectation)
So lets work out the FY08 EPS from its earnings.
- 1H08 net profit $19m.
- take a conservative view, say same earnings for the 2H08 ie, another 19m (highly achievable!).
- so FY08 net profit $19m+$19m = $38m,
- FY08 EPS = 38m/1,119,217,635 = $0.034.
- so at current price 0.35, it is trading at FY08 PE 10.3x (ie 0.35/0.034)
- if trading at PE 30x, stock price will be at $0.034 x 30 = $ 1.02 (reasonable expectation)
- if trading at PE 40x, stock price will be $0.034 x 40 = $ 1.36 (moderate expectation)
- if trading at PE 58x, stock price will be at $0.034 x 58 = $ 1.972 (rosy expectation)
Conclusion:
- With the very good start 1H08 results and expecting even better results in the next 6-12 months, especially we can expect at least 90% contribution from the $294m Sands IR project into FY08 (have to be completed by feb-april 2008 & FY08 ends in March). CSC share price to reach at $1.0 range is something not impossible!!
Tuesday, October 2, 2007
Thomson Financial: Singapore's construction stocks extend gains on industry boom
Singapore's construction stocks extend gains on industry boom
10/1/2007 4:24:00 PM
SINGAPORE (Thomson Financial) - Shares of Singapore construction companies extended gains Monday amid the boom in the industry as the city-state transforms into a vibrant global city in a bid to boost economic growth.
Infrastructure projects underway include a new business financial district, a string of new office buildings, hotels, and residential developments, industrial factories and sporting facilities and the two integrated casino resorts.
Credit Suisse expects the equipment and machinery supply companies and the specialist contractors to benefit most from this boom.
"We believe the greatest bottleneck lies in the market for heavy equipment and machinery, given the long lead time and competing demand from markets like the Middle East," it said in a client note.
The research house expects equipment rental rates to grow 10-25 percent year-on-year in 2007 and 10 percent over the next two to three years.
Credit Suisse is maintaining its "overweight" rating on the sector.
"It is perhaps noteworthy that the majority of the companies surveyed believe that the Building and Construction Authority's construction demand forecast of 19-22 billion Singapore for 2007 is conservative, given the strong momentum of orders that they have been receiving, and the contracts they are currently bidding for," it said.
At 4.17 pm, Yongnam Holdings was up 1.5 cents at 42.5 Singapore cents, CSC Holdings was up 1 cent at 35 cents, and Chip Eng Seng Corp was up 1.5 cents at 80 cents. Tat Hong added 5 cents to 2.46 Singapore dollars, Hong Leong Asia rose 10 cents to 3.98 dollars, and Tiong Woon gained 7 cents to 1.18 dollars.
10/1/2007 4:24:00 PM
SINGAPORE (Thomson Financial) - Shares of Singapore construction companies extended gains Monday amid the boom in the industry as the city-state transforms into a vibrant global city in a bid to boost economic growth.
Infrastructure projects underway include a new business financial district, a string of new office buildings, hotels, and residential developments, industrial factories and sporting facilities and the two integrated casino resorts.
Credit Suisse expects the equipment and machinery supply companies and the specialist contractors to benefit most from this boom.
"We believe the greatest bottleneck lies in the market for heavy equipment and machinery, given the long lead time and competing demand from markets like the Middle East," it said in a client note.
The research house expects equipment rental rates to grow 10-25 percent year-on-year in 2007 and 10 percent over the next two to three years.
Credit Suisse is maintaining its "overweight" rating on the sector.
"It is perhaps noteworthy that the majority of the companies surveyed believe that the Building and Construction Authority's construction demand forecast of 19-22 billion Singapore for 2007 is conservative, given the strong momentum of orders that they have been receiving, and the contracts they are currently bidding for," it said.
At 4.17 pm, Yongnam Holdings was up 1.5 cents at 42.5 Singapore cents, CSC Holdings was up 1 cent at 35 cents, and Chip Eng Seng Corp was up 1.5 cents at 80 cents. Tat Hong added 5 cents to 2.46 Singapore dollars, Hong Leong Asia rose 10 cents to 3.98 dollars, and Tiong Woon gained 7 cents to 1.18 dollars.
Wednesday, September 26, 2007
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