Guess which SG developer plans to build this Down Under?

I am glad to read about Chip Eng Seng on this website and have made an investment. CES is undiscovered by the wider market and at 52 cents, is still subst undervalued. I'd rather park $ here than try to time the market with hot stocks like Olam and Geo Energy. Flavours of the day/week/month are good if you are lucky, and are disasters if they have too many factors hitting them. 

Chip Eng Seng shares buy back from 49 cts to 56 cts total more than 7 millions shares which is about 0.6%. Share price increased by about 14%. Total share buy back is about 12.5 million shares which is about 1.89%. Max number of shares arthorised for purchase is 66.2 millions or 10%.
I believe company have valid reason to buy back & buy up the shares because it's deeply under value. If the company continue on share buy back, it's still long way to go.
Thanks Sumer for the information. Paula & Sam good luck to both of you.

Chip Eng Seng shares buy back 2617 lots up to 57 cts. Total to date buy back 2.28% equal 15.112m shares.

Chip Eng Seng share buy back 1384 lots, average 60.164 cts. Total share buy back 16.496m shares = 2.49%.

Very positive signal from the management that the company is grosslyundervalued. It's a long way to the top!
Insider moves @ CHIP ENG SENG, BEST WORLD, DUTY FREE INT'L  

Since I last wrote on CES, the stock has outperformed most prop stocks, due mainly to the consistent and aggressive share buybacks. Perhaps the company finds value in its own shares for the following reasons: 1. Tower Melbourne - Green light has been obtained. This project could potentially yield big profit figures for CES, for the following reasons: a. For a piece of land that is only 9,827 sq ft, CES is building a structure that has about 380,000 sq ft of net gross floor area (which can be sold). This means a plot ratio of nearly 40 times - a feat not achievable in Singapore. b. The best thing is that the big plot ratio seems to be "free". It costs CES only A$25.5m to purchase the land, while the potential sales proceeds from the 571 apt units could be as high as A$304 million (based on A$800 psf X 380,000 sq ft). c. Total cost of the project could be A$170m or higher, depending on what one's assumption is. One Aussie news site mentioned this "cost" figure, without specifying if the A$170m includes land and marketing/other costs. Even if one assumes A$200m total cost, the gross profit margin is A$104 million, which net of 30% tax rate, will mean A$72.8 million, or about S$91.73 million, or 14ct per share! Of course, if A$170m is indeed the total cost, then EPS will rise to 18ct. 2. 100 Pasir Panjang - The launch of this industrial project recently is a pleasant surprise, as I had expected a later date. Net saleable space is 125,596 sq ft, selling price is $1,000-1,200 psf. With land cost of $463 psf, and assuming total cost of $663 psf, I expect about $48m gross profit based on $1,050 ASP. I hear that about 30% of the units are taken up in a short 1-2 weeks. 3. Alexandra hotel shops - The NSA (net saleable area) is much smaller than earlier indicated (though the earlier figure is probably just GFA). Based on available info, the NSA is 50,918 sq ft. Assuming ASP of $5,500 psf, that will mean the retail space has a value of $280m. I am not sure if all or only some of the shops will be sold. Shop space sale could be launched next month. My estimate of the hotel's value is $292.5m, based on $650k per key for its 450 4-star rooms. Total value of this hotel/retail project (taxation not taken into account) = $572 million vs cost of about $350 million. Surplus valuation = 34.2 ct per share. Meanwhile, My Manhatten is 95% sold since I last wrote. My personal estimate of CES' RNAV is now about $1.50, which includes all the profits from its condo and HDB projects but excludes its construction business as its contribution is marginal. Someone recently said that newspaper reporters are not doing enough investigative work on corporate developments, and the case of CES was highlighted as an example (although not from a positive angle). I guess it is precisely because analysts and reporters are not digging up enough information that it allows us retail investors to do our own homework and unearth our little gems. Googling, making phone calls to agents, viewing showflats, asking questions at AGMs, etc, are some of the homework we can do to stay ahead of the analysts, reporters and bigger boys. Here, I hope I have shared with you what info I have found on a little gem called Chip Eng Seng. PS: I am back, but will probably not contribute regularly