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22 is the downtrend line, if break this, very bullish
cheong ah..... it hit 21
ho sei, congrats to those who vested, cheers
20 here we come, cheong ah.........
so much resistance @ 19; feel like taking profit???
this stock is quite sustainable at 0.185, but hardly to move further in this kind of market .... unless got ppl goreng and push it up
hopefully by 17 aug it will reach my target, then i will have my dividend also
Worth holding on. I still target for 22 cents.
my target is 20, not so optimistic as @ 29; maybe for long term
Hi... went in at .18cents. Hope I made a good call. With the buy rating and all, hopefully don't have to wait till 2010 to reach .20 cents. What do you think? Thanks
CSC Holdings: Solid Foundation (INITIATING COVERAGE - BUY\S$0.185\Target S$0.29)
Selena Leong (62323898, selena.leong@dmgaps.com.sg)
CSC Holdings, Singapore’s largest piling contractor, have seen better days. Its order book
currently stands at S$110m, which appears to be anaemic compared to a record S$448m during
the mega infrastructure boom in 2007. But things seem to be turning around, as the taps for
government contracts are being turned on. We estimate orders to more than double by FY11, which
should set the stage for a re-rating of the stock. Moreover, its valuation, at 9.1x FY10 P/E, is
attractive compared to its historical average of 16.6x. Initiate with BUY.
Major contracts in the offing. We expect CSC to bag some S$213.5m in piling contracts for at
least three major projects, namely the MRT Downtown Line II, Marina Coastal Expressway and the
Singapore Sports Hub by FY11. In addition to the public projects, there are many residential
projects slated to be offered in the coming two years, a result of a massive number of en-bloc sales
done in 2007. Many projects were delayed in 2008 due to the tepid economy, but the recent buying
frenzy has prompted developers to launch their projects, opening up opportunities for CSC.
High probability of project wins due to size, expertise. We believe that CSC has a better shot at
winning the bids, given that it is the region’s largest foundation player with a fleet size that is twice
that of its nearest competitor in Singapore. It is also the only domestic player to offer the complete
range of piling solutions. These give it the advantage of being able to target projects that are more
complex, which typically commands higher margins.
Initiate with a BUY. We believe that the inflow of the government’s mega projects would create an
upswing in earnings momentum for CSC from 2010. Thus, we have ascribed a P/E of 12x FY11
earnings, the level it was trading at in 2005 just before its earnings recovery. This works out to a
target price of S$0.29. Initiate coverage on CSC with a BUY rating.
FYE Mar (S$m) FY07 FY08 FY09 FY10F FY11F
Turnover 126.7 483.7 568.1 457.3 503.0
Net Profit 8.6 43.2 40.2 24.8 29.2
% chg YoY 127.6% 400.2% -7.1% -38.2% 17.7%
EPS (in S¢) 0.9 3.9 3.4 2.0 2.4
DPS (S¢) 0.0 1.1 0.6 0.6 0.6
Div Yield (%) 0.0% 6.1% 3.2% 3.2% 3.2%
ROE (%) 12.6% 40.3% 27.6% 14.5% 15.3%
ROA (%) 5.6% 15.8% 10.7% 6.3% 7.2%
P/E (x) 21.3 4.8 5.5 9.1 7.8
P/B (x) 2.2 1.6 1.4 1.3 1.1
Source: Company and DMG estimates
Selena Leong (62323898, selena.leong@dmgaps.com.sg)
CSC Holdings, Singapore’s largest piling contractor, have seen better days. Its order book
currently stands at S$110m, which appears to be anaemic compared to a record S$448m during
the mega infrastructure boom in 2007. But things seem to be turning around, as the taps for
government contracts are being turned on. We estimate orders to more than double by FY11, which
should set the stage for a re-rating of the stock. Moreover, its valuation, at 9.1x FY10 P/E, is
attractive compared to its historical average of 16.6x. Initiate with BUY.
Major contracts in the offing. We expect CSC to bag some S$213.5m in piling contracts for at
least three major projects, namely the MRT Downtown Line II, Marina Coastal Expressway and the
Singapore Sports Hub by FY11. In addition to the public projects, there are many residential
projects slated to be offered in the coming two years, a result of a massive number of en-bloc sales
done in 2007. Many projects were delayed in 2008 due to the tepid economy, but the recent buying
frenzy has prompted developers to launch their projects, opening up opportunities for CSC.
High probability of project wins due to size, expertise. We believe that CSC has a better shot at
winning the bids, given that it is the region’s largest foundation player with a fleet size that is twice
that of its nearest competitor in Singapore. It is also the only domestic player to offer the complete
range of piling solutions. These give it the advantage of being able to target projects that are more
complex, which typically commands higher margins.
Initiate with a BUY. We believe that the inflow of the government’s mega projects would create an
upswing in earnings momentum for CSC from 2010. Thus, we have ascribed a P/E of 12x FY11
earnings, the level it was trading at in 2005 just before its earnings recovery. This works out to a
target price of S$0.29. Initiate coverage on CSC with a BUY rating.
FYE Mar (S$m) FY07 FY08 FY09 FY10F FY11F
Turnover 126.7 483.7 568.1 457.3 503.0
Net Profit 8.6 43.2 40.2 24.8 29.2
% chg YoY 127.6% 400.2% -7.1% -38.2% 17.7%
EPS (in S¢) 0.9 3.9 3.4 2.0 2.4
DPS (S¢) 0.0 1.1 0.6 0.6 0.6
Div Yield (%) 0.0% 6.1% 3.2% 3.2% 3.2%
ROE (%) 12.6% 40.3% 27.6% 14.5% 15.3%
ROA (%) 5.6% 15.8% 10.7% 6.3% 7.2%
P/E (x) 21.3 4.8 5.5 9.1 7.8
P/B (x) 2.2 1.6 1.4 1.3 1.1
Source: Company and DMG estimates
good support 18.5
this is not a new news, few days ago liao ... seems like this counter is stagent there for quite a few days without up and down, 0.185 .... when will it start to awake again le ....
CSC WINS PRESTIGIOUS FASTEST GROWING 50 AWARD SINGAPORE, 20 July 2009 –
Foundation and geotechnical engineering specialist, CSC Holdings Limited (SGX: C06) has been certified as one of Singapore’s 50 fastest growing companies, by DP Information Group, a leading provider of business and credit information.
CSC was ranked against more than 8,000 companies in Singapore, and was one of the top 50 recipients to receive this certification award at a ceremony held at The Ritz Carlton Millennia Hotel last Friday.
The “Fastest Growing 50” (“FG50”) certification is awarded only to the top 50 and top most dynamic companies who have consistently achieved outstanding corporate growth. To be considered for the FG50 list, a company must have at least 10% revenue growth every year for the last three years and be profitable for each of these years.
Hmmm......I will go in then.
u jump in, price go down.
u jump out, price go up
Right time to jump in...???...many asked...many didn't go in...price keeps surging...many didn't ask...many jumped in...many happy...many sad...many happiness comes from many sadness...are you one of the many...many...
20 possible today?
tax exempt
one-tier final dividend of 0.37 cents per ordinary share
The Corporate
Office, Singapore 068906, up to the close of the business at 5 p.m. on 17 August 2009 will be
registered to determine shareholders’ entitlement to the final dividend which will be paid on 28
August 2009.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_2878F66F9F30B6F1482575FD00335441/$file/CSCHL_Results_of_12AGM_EGM.pdf?openelement
It is a strong breakout today. I think it will go to test resistance at 22 cents.