City Developments

Look to diversified developers as property sales slow, says CGS-CIMB
SINGAPORE (Oct 2): CGS-CIMB Research is keeping its “neutral” stance on property developers amid slowing sales at new launches, following a slew of new property cooling measures introduced in July to curb rising home prices. “As property stocks’ performance has historically shown a high correlation to take-up rates, the slower sell-through rates mean property stocks are likely to trade ...
How the trade war has impacted our portfolio this year
SINGAPORE (Aug 10): The trade war has become a reality as the US and China have imposed 25% tariffs on each other’s products worth US$34 billion ($46.4 billion) each. Synchronised global growth, as anticipated by economists, did not quite materialise in the first half of this year. Although strong growth was seen in the US, the same could not be said in Europe and Japan. In Singapore, new ...
CityDev posts 79.5% rise in 2Q earnings to $205 mil; expects residential sales to moderate
SINGAPORE (Aug 10): City Developments (CDL) announced earnings of $204.8 million for the 2Q ended June, up 79.5% from its 2Q17 earnings of $114.1 million a year ago, backed by stronger sales recognition during the period under review. This brings the group’s earnings for 1H18 to $284.8 million, up 35.8% from 1H17 earnings of $209.7 million after also accounting for The Criterion Executive ...
Millennium & Copthorne's 1Q earnings double to $47 mil on higher associate contributions
SINGAPORE (May 4): Millennium & Copthorne Hotels (M&C Hotels) reported a doubling of 1Q18 earnings to £26 million ($47 million) from £13 million a year ago, due to higher profit contributions from associated companies as well as a one-off gain from disposal. Revenue for the quarter fell 3.1% to £68.5 million from £70.7 million a year ago due to a foreign exchange loss of £13 ...
'Long winter' seen ending for Singapore home prices: Survey
SINGAPORE (Jan 23): The worst may be over for Singapore’s property slump. After a four-year slide in private residential prices, analysts are now calling an end to the property downturn. Singapore home prices have risen for two consecutive quarters and they are expected increase by about 5.5% this year, according to a survey by Bloomberg. There’s also the earnings season to look ...
New project launches to benefit developer stocks as cyclical upturn continues
SINGAPORE (Jan 16): Maybank Kim Eng remains “positive” on Singapore’s property sector while flagging UOL and City Developments (CDL) as the best large-cap proxies as the market continues its cyclical upturn. These top picks have been rated “buy” at target prices of $9.85 and $13.80, representing a respective 15% and 6% discount to RNAV and price-to-book value ratios of 0.85 and 1.26 ...
Stick with these quality companies for upside in 2018, says OCBC
SINGAPORE (Dec 14): OCBC Investment Research says upside remains even as 2018 is unlikely to see a repeat of the “stellar gains” this year. Year-to-date, the benchmark Straits Times Index (STI) has climbed 20% on the back of the financial and property sectors. The financial sector led the way as the best performing sub-index in the Singapore market, with year-to-date gains of 31%. This ...
City Developments hits minority resistance in offer for hotel arm
(Oct 30): It was clear almost as soon as City Developments unveiled plans to take Millennium & Copthorne Hotels private that it would face resistance. The big question now is whether to raise its offer price, or just walk away. Or, come up with a plan to unlock value at M&C that benefits its minority investors. On Oct 9, before the London market opened, CDL announced a possible offer ...
How to play a dual-track Singapore stock market
SINGAPORE (Oct 3): Daiwa sees two tracks developing on the Singapore stock market. One has developers and companies while the other has stocks exposed to domestic demand, tech disruption and government policy on the other. Daiwa says investors should take advantage of divergent outlooks within the sectors as upside to the STI remains limited. The research house has a new STI target of ...
Are you ready for the next property boom?
SINGAPORE (Sept 29): It seems like only yesterday that property developers were complaining about punitive property cooling measures and struggling to get unsold units off their books. But according to some analysts, the local property market has actually been steadily recovering for more than a year. “In the eyes of agents and marketing consultants, prices in the high-end segment had ...