City Developments Limited (CDL)

City Developments reports 34% decline in 3Q earnings to $115 mil on impairment losses, lower revenue

SINGAPORE (Nov 12): City Developments Limited (CDL) reported earnings of $115.0 million for 3Q19 ended September, some 33.7% lower than $173.3 million posted last year.

On a fully diluted basis, this translated to earnings per share of 12.1 cents for 3Q19, compared to 18.2 cents in 3Q18.

3Q19 revenue fell 12.9% to $885.3 million, from $1.02 billion a year ago. This was attributable mainly to a 37.8% drop in revenue in the property development segment due to the timing of revenue recognition for development projects. 

CityDev's 1Q earnings more than double to $200 mil on higher margins & Manulife Centre divestment gain

SINGAPORE (May 15): City Developments (CDL) has announced earnings of $199.6 million for the 1Q ended March, rising 133.8% from restated 1Q18 earnings of $85.3 million on strong profit margins and the realisation of a pre-tax divestment gain.

The bottomline growth came despite a 29.5% y-o-y decline in revenue to $746.2 million from $1.06 billion a year ago, in the absence of revenue recognition from The Criterion executive condominium (EC) in its entirety over the previous quarter.

Property sector kept at 'overweight' by CGS-CIMB as URA unveils 2019 draft master plan

SINGAPORE (Mar 28): CGS-CIMB Securities is maintaining its “overweight” on property developers given higher possibility of unlocking value from older commercial assets.

This follows the release of URA's Draft Master Plan 2019 on Wednesday which envisions a more sustainable and liveable city state of the future.

Key strategies in the draft include broadening developments across the eastern, western and northern parts of the island to tap global gateway connections as well as increasing capacity at Paya Lebar Air Base and Greater Southern Waterfront.

CityDev ends FY18 with record revenue despite 4Q decline; recommends special 6 cents dividend

SINGAPORE (Feb 21): City Developments recorded earnings of $77.9 million for 4Q18, down 54.7% from $171.9 million a year ago on lower revenue and higher expenses.

Revenue for the quarter fell 40.6% to $788.3 million from restated 4Q17 revenue of $1.3 billion, arising mainly from variances in project and unit revenue recorded.

City Developments kept at 'hold' despite trading at attractive valuations

SINGAPORE (Dec 11): DBS Group Research is reiterating its “hold” call on City Developments (CityDev) with a lower target price of $9.50.

This is despite the stock trading at attractive valuations at close to 2SD below historical P/NAV average.

In a Tuesday report, lead analyst Rachel Tan sees limited catalyst for the stock and sector given expectations of a property market slowdown, which historically implies that the stock will be trading in a range.

CityDev buys Aldgate House in London for $328 mil, expects immediate accretion

SINGAPORE (Sept 14): Property developer City Developments Limited (CDL) has acquired a prime freehold Grade A commercial building, Aldgate House, in London for £183 million ($328 million).

Aldgate House is strategically located in the heart of Aldgate and is bounded by Aldgate High Street, Middlesex Street and St Botolph Street.

The asset is expected to provide immediately contribution to CDL’s recurring income, and has an occupancy rate of 88%.

CityDev makes share buybacks at $9.485

SINGAPORE (Aug 16): Property giant City Developments Limited (CDL) has bought shares from the open market for the first time. On Aug 16, the company bought 300,000 shares at an average price of $9.485, which is a discount of nearly 15% of its net asset value of $11.13 as of June 30.

“There is deep value in our shares and we have confidence in CDL’s strong fundamentals and future growth potential,” says CDL’s group CEO Sherman Kwek.

STI remains in consolidation mode; CityDev weakens

STi remains in consolidation mode
SINGAPORE (May 19): The Straits Times Index eased by about 40 points during the week to close at 3,529. The confluence of the 50-and 100-day moving averages at 3,501 should provide support.

Short-term stochastics is at the low end of its range and could turn up towards the end of the week. If the STI is able to hold at its moving averages, it could rebound towards the end of the month.

Analysts positive on City Developments' ride on residential segment recovery

SINGAPORE (May 14): City Developments Limited (CDL) on May 11 reported 1Q18 earnings ended March dropped 16.3% to $80.0 million from $95.6 million in 1Q17.

Revenue was 35% higher at $1.06 billion, compared to $783.7 million a year ago, propelled by the completion of The Criterion Executive Condominium (EC). This brought gross profit for 1Q18 came in at $363.1 million, 1.1% lower than $367.3 million last year.

City Developments posts 16.3% decline in 1Q earnings to $80 mil

SINGAPORE (May 11): City Developments Limited (CDL) announced that its 1Q18 earnings have dropped by 16.3% to $80.0 million, compared to $95.6 million in 1Q17.

Revenue was 35% higher at $1.06 billion, compared to $783.7 million a year ago, propelled by the completion of The Criterion Executive Condominium (EC).

The Group also benefited from the maiden contribution of New Futura as well as continued contributions from Coco Palms and Suzhou Hong Leong City Center but there was an absence of contribution from D'Nest and The Venue Residences which obtained TOP last year.

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