Chip Eng Seng locks in $1b of sales

It also won deals at Woodleigh and Changi.

Construction firm Chip Eng Seng Corporation's (CES) has locked in $1b of sales, thanks to its residential projects and a construction net order book of $538.4m.

According to DBS Equity Research, its sales should be recognised progressively in the coming years. Contracts awarded to CES for Woodleigh and Changi should also boost earnings and net asset value (NAV) in the medium term.

"The group has also built up a sizable hotel and commercial portfolio," DBS analyst Carmen Tay said.

Park Hotel Alexandra, which is valued $210m in its records, could still have a realisable value of $376m if sold. This could pull up CES' NAV to 27 cents.

"While the hotel provides stable recurring cash flows to the group, substantial value could be unlocked given the robust demand for hotel assets in Singapore," Tay added.

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