Chip Eng Seng

[Curiousparty]

There is also additional macro risk from the possibility of rate hike in Sept. If this happens, then there might be some market reaction in all property counters, e.g. a downward adjustment in share price (not sure how much?? 10-20%?). Once the FED starts the tightening cycle, we will be on the trajectory of raising interest rate, albeit at a calibrated manner as alluded to.

But of course, there is also the likelihood that Spore Govt might pull back some of the cooling measures in response.

Mr Market can be stupid at times but not that stupid currently. Even with such a stellar EPS last year, the price of CES did not get bidded up to stratospheric levels. I predict a certain ambivalence to the "disappointing" results this year.

Given that 2014 was an extra-ordinary year where $0.44 EPS was made, 2015 EPS performance should be 110% below that of 2014.

Not sure how is Mr Market going to take this piece of info?

But on the NAV front, 2015 should be better because of the revaluation gain from hotel, which will only be reflected in Q4 2015, as per usual norm to update PPE based on market valuation at end of FY.