Loading...

CEI

SGX:AVV
Snowflake Description

Flawless balance sheet with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AVV
SGX
SGD80M
Market Cap
  1. Home
  2. SG
  3. Tech
Company description

CEI Limited provides contract manufacturing services for the industrial equipment market in the Asia Pacific, Europe, and the United States. The last earnings update was 27 days ago. More info.


Add to Portfolio Compare Print
AVV Share Price and Events
7 Day Returns
0.5%
SGX:AVV
-0.4%
SG Electronic
-0.7%
SG Market
1 Year Returns
2.8%
SGX:AVV
-22.1%
SG Electronic
-8.7%
SG Market
AVV Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CEI (AVV) 0.5% -2.1% 1.6% 2.8% 42.3% 131.3%
SG Electronic -0.4% -14.8% 0.3% -22.1% 64.6% 34.1%
SG Market -0.7% -3.8% -1.7% -8.7% 10.2% -7.3%
1 Year Return vs Industry and Market
  • AVV outperformed the Electronic industry which returned -22.1% over the past year.
  • AVV outperformed the Market in Singapore which returned -8.7% over the past year.
Price Volatility
AVV
Industry
5yr Volatility vs Market

AVV Value

 Is CEI undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of CEI to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for CEI.

SGX:AVV Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.8%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:AVV
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Electronic Unlevered Beta Simply Wall St/ S&P Global 1.05
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.046 (1 + (1- 17%) (10.07%))
1.089
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.09
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.089 * 5.96%)
8.8%

Discounted Cash Flow Calculation for SGX:AVV using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for CEI is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:AVV DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 8.8%)
2019 2.42 Est @ -37.87% 2.22
2020 1.80 Est @ -25.82% 1.52
2021 1.48 Est @ -17.38% 1.15
2022 1.31 Est @ -11.47% 0.94
2023 1.22 Est @ -7.34% 0.80
2024 1.16 Est @ -4.45% 0.70
2025 1.13 Est @ -2.42% 0.63
2026 1.12 Est @ -1.01% 0.57
2027 1.12 Est @ -0.01% 0.53
2028 1.13 Est @ 0.68% 0.49
Present value of next 10 years cash flows SGD9.54
SGX:AVV DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD1.13 × (1 + 2.3%) ÷ (8.8% – 2.3%)
SGD17.81
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD17.81 ÷ (1 + 8.8%)10
SGD7.67
SGX:AVV Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD9.54 + SGD7.67
SGD17.21
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD17.21 / 86.70
SGD0.2
SGX:AVV Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD0.20
Current discount Discount to share price of SGD0.93
= -1 x (SGD0.93 - SGD0.20) / SGD0.20
-366%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of CEI is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CEI's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CEI's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:AVV PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.09
SGX:AVV Share Price ** SGX (2019-05-17) in SGD SGD0.93
Singapore Electronic Industry PE Ratio Median Figure of 21 Publicly-Listed Electronic Companies 11.89x
Singapore Market PE Ratio Median Figure of 322 Publicly-Listed Companies 12.52x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CEI.

SGX:AVV PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:AVV Share Price ÷ EPS (both in SGD)

= 0.93 ÷ 0.09

10.11x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CEI is good value based on earnings compared to the SG Electronic industry average.
  • CEI is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does CEI's expected growth come at a high price?
Raw Data
SGX:AVV PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.11x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
4.3%per year
Singapore Electronic Industry PEG Ratio Median Figure of 5 Publicly-Listed Electronic Companies 2.31x
Singapore Market PEG Ratio Median Figure of 120 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

SGX:AVV PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.11x ÷ 4.3%

2.33x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CEI is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CEI's assets?
Raw Data
SGX:AVV PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD0.48
SGX:AVV Share Price * SGX (2019-05-17) in SGD SGD0.93
Singapore Electronic Industry PB Ratio Median Figure of 22 Publicly-Listed Electronic Companies 0.86x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.72x
SGX:AVV PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:AVV Share Price ÷ Book Value per Share (both in SGD)

= 0.93 ÷ 0.48

1.93x

* Primary Listing of CEI.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CEI is overvalued based on assets compared to the SG Electronic industry average.
X
Value checks
We assess CEI's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)
  5. CEI has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

AVV Future Performance

 How is CEI expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CEI expected to grow at an attractive rate?
  • CEI's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • CEI's earnings growth is positive but not above the Singapore market average.
  • CEI's revenue growth is positive but not above the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:AVV Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:AVV Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 4.3%
SGX:AVV Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 2.8%
Singapore Electronic Industry Earnings Growth Rate Market Cap Weighted Average 5.4%
Singapore Electronic Industry Revenue Growth Rate Market Cap Weighted Average 4.6%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.7%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:AVV Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:AVV Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 153 10 9 1
2020-12-31 149 9 8 1
2019-12-31 145 24 8 1
SGX:AVV Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 142 5 8
2018-12-31 140 1 7
2018-09-30 139 1 7
2018-06-30 137 1 7
2018-03-31 136 1 6
2017-12-31 137 1 7
2017-09-30 133 3 7
2017-06-30 129 6 8
2017-03-31 130 9 8
2016-12-31 130 13 9
2016-09-30 132 15 10
2016-06-30 134 18 10

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CEI's earnings are expected to grow by 4.3% yearly, however this is not considered high growth (20% yearly).
  • CEI's revenue is expected to grow by 2.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:AVV Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from CEI Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:AVV Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.10 0.10 0.10 1.00
2020-12-31 0.10 0.10 0.10 1.00
2019-12-31 0.09 0.09 0.09 1.00
SGX:AVV Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.09
2018-12-31 0.09
2018-09-30 0.08
2018-06-30 0.08
2018-03-31 0.07
2017-12-31 0.08
2017-09-30 0.08
2017-06-30 0.09
2017-03-31 0.10
2016-12-31 0.10
2016-09-30 0.11
2016-06-30 0.12

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • CEI is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess CEI's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
CEI has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

AVV Past Performance

  How has CEI performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare CEI's growth in the last year to its industry (Electronic).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • CEI's year on year earnings growth rate has been positive over the past 5 years.
  • CEI's 1-year earnings growth exceeds its 5-year average (32.2% vs 4.7%)
  • CEI's earnings growth has exceeded the SG Electronic industry average in the past year (32.2% vs -7.5%).
Earnings and Revenue History
CEI's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from CEI Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:AVV Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 141.93 7.94 23.55
2018-12-31 140.33 7.45 23.31
2018-09-30 138.88 7.01 23.39
2018-06-30 137.43 6.57 23.47
2018-03-31 136.40 6.00 23.79
2017-12-31 136.79 6.53 23.76
2017-09-30 132.80 7.14 23.01
2017-06-30 128.80 7.75 22.26
2017-03-31 129.54 8.28 21.72
2016-12-31 130.28 8.81 21.18
2016-09-30 132.19 9.54 20.93
2016-06-30 134.09 10.28 20.68
2016-03-31 133.22 10.55 20.47
2015-12-31 132.34 10.82 20.26
2015-09-30 132.17 9.40 21.26
2015-06-30 132.00 7.98 22.25
2015-03-31 126.66 6.56 21.94
2014-12-31 121.32 5.14 21.62
2014-09-30 116.66 4.55 20.93
2014-06-30 112.00 3.96 20.23
2014-03-31 110.83 3.80 19.96
2013-12-31 109.66 3.64 19.68
2013-09-30 107.86 2.97 18.91
2013-06-30 106.06 2.31 18.15
2013-03-31 106.29 2.94 18.08
2012-12-31 106.53 3.56 18.00
2012-09-30 105.63 4.07 17.77
2012-06-30 104.73 4.57 17.54

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • CEI has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CEI used its assets more efficiently than the SG Electronic industry average last year based on Return on Assets.
  • CEI's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CEI's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
CEI has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

AVV Health

 How is CEI's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up CEI's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CEI is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CEI's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of CEI's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 8.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from CEI Company Filings, last reported 1 month ago.

SGX:AVV Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 41.47 8.08 6.85
2018-12-31 39.75 7.52 3.58
2018-09-30 39.75 7.52 3.58
2018-06-30 39.47 5.01 4.12
2018-03-31 38.73 2.00 3.29
2017-12-31 38.73 2.00 3.29
2017-09-30 38.73 2.00 3.29
2017-06-30 39.26 2.00 7.79
2017-03-31 39.26 2.00 7.79
2016-12-31 40.16 2.50 11.89
2016-09-30 40.16 2.50 11.89
2016-06-30 40.16 5.53 15.88
2016-03-31 40.16 5.53 15.88
2015-12-31 40.03 7.52 13.20
2015-09-30 40.03 7.52 13.20
2015-06-30 38.57 10.41 11.50
2015-03-31 38.57 10.41 11.50
2014-12-31 35.27 12.73 8.26
2014-09-30 35.27 12.73 8.26
2014-06-30 33.92 12.23 5.17
2014-03-31 33.92 12.23 5.17
2013-12-31 33.05 12.44 4.04
2013-09-30 33.05 12.44 4.04
2013-06-30 32.87 12.75 1.43
2013-03-31 32.87 12.75 1.43
2012-12-31 31.33 14.52 3.92
2012-09-30 31.33 14.52 3.92
2012-06-30 33.54 16.43 6.44
  • CEI's level of debt (19.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (36.1% vs 19.5% today).
  • Debt is well covered by operating cash flow (58.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 69.6x coverage).
X
Financial health checks
We assess CEI's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. CEI has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

AVV Dividends

 What is CEI's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
9.1%
Current annual income from CEI dividends. Estimated to be 10.45% next year.
If you bought SGD2,000 of CEI shares you are expected to receive SGD182 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • CEI's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.57%).
  • CEI's dividend is above the markets top 25% of dividend payers in Singapore (5.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:AVV Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
Singapore Electronic Industry Average Dividend Yield Market Cap Weighted Average of 19 Stocks 4.6%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 276 Stocks 4%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.7%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
Singapore Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:AVV Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.10 1.00
2020-12-31 0.10 1.00
2019-12-31 0.09 1.00
SGX:AVV Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-04-08 0.084 8.943
2019-02-25 0.084 8.893
2018-08-03 0.074 8.377
2018-04-20 0.074 8.051
2017-08-04 0.092 9.071
2017-03-27 0.100 9.343
2016-03-24 0.100 12.695
2015-03-24 0.041 8.251
2014-08-05 0.034 8.049
2014-04-10 0.032 8.012
2014-02-14 0.032 7.959
2013-08-02 0.022 5.660
2013-02-26 0.024 5.888
2012-08-06 0.028 6.674
2012-01-31 0.029 6.781
2011-08-05 0.025 5.797
2011-01-31 0.059 11.375
2010-08-06 0.036 7.249
2010-04-01 0.019 4.193
2010-02-10 0.019 4.162
2009-08-05 0.014 2.912

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of CEI's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (6.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess CEI's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CEI afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CEI has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

AVV Management

 What is the CEO of CEI's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ka Huat Tan
COMPENSATION SGD539,314
AGE 65
CEO Bio

Mr. Tan Ka Huat serves as Managing Director of CEI Contract Manufacturing Ltd. and has been its Executive Director since August 28, 1999. Mr. Tan holds a Bachelor of Science (Physics) degree from Nanyang University (now NTU), a Diploma in Business Administration from the National University of Singapore and a Master of Business degree from University of Technology, Sydney.

CEO Compensation
  • Ka Huat's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Ka Huat's remuneration is higher than average for companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the CEI management team in years:

7.8
Average Tenure
57
Average Age
  • The average tenure for the CEI management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Sing Cheong Tien

TITLE
Executive Chairman
COMPENSATION
SGD475K
AGE
69

Ka Huat Tan

TITLE
MD & Executive Director
COMPENSATION
SGD539K
AGE
65

Chee Hoe Sia

TITLE
CFO, Chief Risk Officer
AGE
52
TENURE
7.8 yrs

Belinda Thng

TITLE
Senior Director of Customer Relations Management & Marketing
AGE
55

Soon Hock Teo

TITLE
Company Secretary
TENURE
13.8 yrs

May Ling Ngiam

TITLE
Company Secretary
TENURE
2 yrs

Teck Yow Heng

TITLE
Senior Director of Business Development & Engineering
AGE
57
Board of Directors Tenure

Average tenure and age of the CEI board of directors in years:

18.3
Average Tenure
62
Average Age
  • The average tenure for the CEI board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Sing Cheong Tien

TITLE
Executive Chairman
COMPENSATION
SGD475K
AGE
69
TENURE
17.3 yrs

Ka Huat Tan

TITLE
MD & Executive Director
COMPENSATION
SGD539K
AGE
65
TENURE
19.8 yrs

Martin Tang

TITLE
Independent Non-Executive Director
COMPENSATION
SGD56K
AGE
69
TENURE
19.3 yrs

Bien Chuan Tan

TITLE
Lead Independent Director
COMPENSATION
SGD62K
AGE
61

Colin Ng

TITLE
Independent Non-Executive Director
COMPENSATION
SGD56K
AGE
62
TENURE
12.3 yrs

Chee Yen Gan

TITLE
Non-Executive Director
COMPENSATION
SGD49K
AGE
59
TENURE
19.8 yrs

Allen Wang

TITLE
Alternate Director
AGE
41
TENURE
4.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
X
Management checks
We assess CEI's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. CEI has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

AVV News

Simply Wall St News

Should You Be Impressed By CEI Limited's (SGX:AVV) ROE?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for CEI: 19% = S$7.9m ÷ S$41m (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Shareholders' equity can be calculated by subtracting the total liabilities of the company from the total assets of the company. … In my book the highest quality companies have high return on equity, despite low debt.

Simply Wall St -

Here's What CEI Limited's (SGX:AVV) ROCE Can Tell Us

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

These Factors Make CEI Limited (SGX:AVV) An Interesting Investment

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on CEI Limited (SGX:AVV) due to its excellent fundamentals in more than one area.

Simply Wall St -

Should You Buy CEI Limited (SGX:AVV) For Its Dividend?

On the other hand, investors have been known to buy a stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations.. … Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1 … SGX:AVV Historical Dividend Yield, April 11th 2019

Simply Wall St -

What Are Analysts Saying About CEI Limited's (SGX:AVV) Earnings Trend?

In December 2018, CEI Limited (SGX:AVV) announced its latest earnings update, whicha … indicated … company

Simply Wall St -

The CEI (SGX:AVV) Share Price Is Down -138% So Some Shareholders Are Getting Worried

For example, the CEI Limited (SGX:AVV) share price has soared 138% in the last half decade. … It's also good to see the share price up 12% over the last quarter. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.

Simply Wall St -

Where CEI Limited (SGX:AVV) Stands In Terms Of Earnings Growth Against Its Industry

After looking at CEI Limited's (SGX:AVV) latest earnings announcement (31 December 2018), I found it useful to revisit the company's performance in the past couple of years and assess this against the most recent figures. … Did AVV's recent earnings growth beat the long-term trend and the industry. … AVV's trailing twelve-month earnings (from 31 December 2018) of S$7.4m has.

Simply Wall St -

Do Directors Own CEI Limited (SGX:AVV) Shares?

Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … So it's nice to see some insider ownership, because it may suggest that management is owner-oriented. … Our analysis of the ownership of the company, below, shows that.

Simply Wall St -

Should You Be Excited About CEI Limited's (SGX:AVV) 17% Return On Equity?

This article is for those who would like to learn about Return On Equity (ROE). … That means that for every SGD1 worth of shareholders' equity, it generated SGD0.17 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What To Know Before Buying CEI Limited (SGX:AVV) For Its Dividend

Dividends play an important role in compounding returns in the long run and end up forming a sizeable part of investment returns. … Historically, CEI Limited (SGX:AVV) has paid a dividend to shareholders. … 5 questions to ask before buying a dividend stock

Simply Wall St -

AVV Company Info

Description

CEI Limited provides contract manufacturing services for the industrial equipment market in the Asia Pacific, Europe, and the United States. The company offers printed circuit board and box-build assembly services, as well as equipment design, cable harness assembly, and manufacturing services; and value-added services, such as materials management, circuit layout, development engineering and prototype samples, metal stamping, cable harnessing, and precision machined components. It also designs and manufactures own branded proprietary equipment for the semiconductor industry. CEI Limited offers its services for electroluminescence displays used in industrial, transportation, and medical applications; medical and health care equipment; office equipment, such as digital photocopiers; analytical instruments comprising gas and liquid chromatographs, and measurement instruments; aerospace products and oil and gas equipment; industrial safety controllers and environmental sensors; semiconductor equipment; and SMT equipment. The company was formerly known as CEI Contract Manufacturing Limited and changed its name to CEI Limited in April 2016. CEI Limited was founded in 1980 and is headquartered in Singapore.

Details
Name: CEI Limited
AVV
Exchange: SGX
Founded: 1980
SGD80,196,078
86,698,463
Website: http://www.cei.com.sg
Address: CEI Limited
No. 2 Ang Mo Kio Avenue 12,
Singapore,
569707,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX AVV Ordinary Shares Singapore Exchange SG SGD 06. Mar 2000
Number of employees
Current staff
Staff numbers
0
CEI employees.
Industry
Electronic Components
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/21 12:34
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/03/12
Last earnings filing: 2019/04/24
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.