City Developments Limited (CDL)

Broker's Calls

Analysts keep ‘buy’ calls on CDL but mostly cut TPs after full-year results

DBS is the most bullish with analysts Rachel Tan and Derek Tan noting that CDL is a “good buy” in the long term.
CDL targets at least $1 bil in divestments this year - THE EDGE SINGAPORE

Property

CDL targets at least $1 bil in divestments this year

The group is also looking to close the gap between its share price and its RNAV.
CDL’s FY2023 earnings down 75.3% to $317.3 mil on higher financing costs and lack of divestment gains - THE EDGE SINGAPORE

Results

CDL’s FY2023 earnings down 75.3% to $317.3 mil on higher financing costs and lack of divestment gains

The board has recommended a final dividend of 8.0 cents bringing FY2023's total dividend to 12.0 cents per share.

Broker's Calls

OCBC lowers TP for City Developments to $7.20, in anticipation of further asset impairments for upcoming FY2023 results

CDL has shown signs of recovery from the pandemic, but soft global economic outlook and policy tightening measures are dampeners.
CDL, StarHub, Singtel among world's most sustainable listcos - THE EDGE SINGAPORE

Sustainability

CDL, StarHub, Singtel among world's most sustainable listcos

CapitaLand Investment, which placed #56 in last year’s edition of Corporate Knights’ Global 100, has dropped out of the list.
CDL, UOB among 320 organisations that pledge to make nature-related disclosures by FY2025 - THE EDGE SINGAPORE

Environmental, Social and Governance

CDL, UOB among 320 organisations that pledge to make nature-related disclosures by FY2025

This “first cohort” of 320 organisations plan to adopt the Taskforce on Nature-related Financial Disclosures' recommendations.

Broker's Calls

Bright spots in property likely to come from ECs, suburban condos in OCR and RCR and resale HDB flats: DBS

The brokerage has named CapitaLand Investment, CDL and GuocoLand as their top picks within the sector.
CDL first to obtain OCBC's 1.5°C loan with three-year GBP200 mil sustainability-linked facility - THE EDGE SINGAPORE

Environmental, Social and Governance

CDL first to obtain OCBC's 1.5°C loan with three-year GBP200 mil sustainability-linked facility

Launched in March, the 1.5°C loan provided by OCBC incentivises corporates to set and work towards emissions reduction targets.

Property

CDL invests in 25 freehold residential assets in Japan for $321.9 mil

The investment is CDL’s largest private rented sector transaction in Japan.
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