Chip Eng Seng

[tpooyee]

Let's see what has been done or what to expect in year 2015.

1. CUB sold out，at 62.8 million, expect 15% of the earning go to the cost and working capital for this project, estimate there is 27.88million earning for this year, eps = 0.0444

2. Alex Hotel, confirm will be ready by 1H-2015, estimate of revalue gain around eps = 0.26

3. Nine Residence and Junction 9 projects was told to be finished later of this year. Based on information estimated, there is 30% progressive recognition done in 2014, left 70% to be record this year, estimate EPS = 0.18-0.25

Estimate properties development contribution for year 2015 = 0.48444 - 0.55444
This has not included the investment properties and the construction segment contribution.

---------------------------------------------

Next, what to expect for the coming years?

2016 - Fulcrum, Williamson (phase 1 and apartment)
For Fulcrum, company will re-launch later of this year. Fulcrum is schedule to be finished by year 2016, if company choose to record progressively all in year 2016, eps contribution from this project estimate to be 0.15.
Williamson estate has launched for its townhouse, which is the phase one, this project has 104 units. According to the company, the apartment block will finish at 2016 as well. Based on limited information, the Townhouse project is estimate to bring around 0.035 EPS only. Apartment project will need to wait for the project to launch (could it be another 0.035?).

2017 - 2018 - Fernvale project.
Understand that this is a condominium project, I expect the progressive record of the revenue will happen during these 2 years. EPS contribution? TBD...

2019 - TM, this still has uncertainty. (this project estimate to have eps 0.26 in my list)

Alex hotel under property, plant and equipment, revaluation gain will charge other comprehensive income instead of net profit, hence will not contribute towards EPS.