CityDev

CityDev kept at 'buy' amid record full-year revenue

SINGAPORE (Feb 21): Jefferies Singapore is keeping its “buy” recommendation on City Developments with a target price of $12.00, after the property developer beat revenue expectations for FY18.

“Full year revenue grew 10% and came in ahead of consensus estimates driven mainly by property development,” says analyst Krishna Guha in a flash note on Wednesday.

CityDev saw its revenue cross the $4 billion threshold for the first time, with a record full-year revenue of $4.2 billion in FY18.

CityDev downgraded as tables turn on exposure to Singapore residential market

SINGAPORE (July 9): OCBC Investment Research is downgrading City Developments to “hold”, from “buy” previously, and slashing its fair value estimate by nearly 40% to $9.59.

This comes hot on the heels of surprise property cooling measures which were slapped on the Singapore residential market last week.

The government pushed through a 5 percentage point increase in stamp duty for some home buyers and tightened housing loans. The changes kicked into effect from July 6 – just hours after the announcement, which sent the market into a tizzy.

Exec condos in the limelight as CityDev JV outguns rivals with $509 mil bid for Punggol EC site

SINGAPORE (Feb 28): DBS Group Research believes property developers are bullish on land-banking in executive condominium (EC) sites in Singapore due to limited supply in the near term.

This comes after a joint venture between City Developments (CDL) and TID Residential came up tops in the latest government land tender with a $590.4 million bid for the 820-unit EC site at Sumang Walk in Punggol.

The only EC plot available in the Government Land Sales (GLS) programme in 2H17, the Sumang Walk site saw a whopping 17 bids at the close on Tuesday night.

Buy these quality stocks on dips as the 'Great Singapore Sale' continues, says OCBC

SINGAPORE (Feb 7): With the latest surge in market volatility and resultant sell-offs, OCBC Investment Research is now declaring it the “Great Singapore Sale” for SGX-listed stocks upon viewing the current correction as a good opportunity to re-enter the market.

“While risks of further weakness remain for the near term, there are still positive drivers for equities, and supported by broad-based economic growth and healthy corporate earnings. In addition, markets have been on a strong uptrend since late last year,” notes OCBC’s head of research, Carmen Lee, in a Wednesday report.

New condo at Amber Park site expected to be value-accretive for CityDev

SINGAPORE (Oct 5): CIMB says the new condo at the Amber Park site could add 5 cents to City Developments’ RNAV if the estimated selling price hits $2,200 psf.

CDL and Hong Realty, the private real estate arm of the Hong Leong Group, on Wednesday announced it had won the Amber Park en bloc tender which attracted eight submissions.

See: City Developments and JV partner acquire Amber Park for record-smashing $906.7 million

ST Engineering, Wilmar, ThaiBev, CityDev, Haw Par, Wing Tai

SINGAPORE (May 12): Here are some stocks to watch this Friday morning:

ST Engineering announced 1Q17 earnings of $103.4 mil, 6% lower from $110.2 million reported in the previous year. Group revenue for the quarter was $1.5 billion, 5% down from $1.6 billion.

See: ST Engineering posts 6% decline in 1Q earnings to $103 mil

CityDev subsidiary acquires Shanghai commercial project for $186 mil

SINGAPORE (Feb 14): CDL China, a wholly-owned subsidiary of City Developments Limited (CDL), is acquiring a prime Shanghai commercial project, Meidao Business Plaza for RMB 900 million ($186 million) through the purchase of a 100% equity stake in Shanghai Meidao Investment Co.

Shanghai Meidao owns Meidao Business Plaza, a commercial development within the Hongqiao central business district (CBD) with a total gross floor area (GFA) of approximate 32,300 sq m.

Sabana REIT, CityDev, Global Premium Hotels, Ezra, Tritech, King Wan, China Star Food, Addvalue

SINGAPORE (Feb 3): Here are some stocks that could move the market this Friday morning.

Vibrant Group and Sabana Real Estate Investment Management, as sponsor and manager of Sabana REIT respectively, have announced that they are undertaking a strategic review of Sabana REIT. The scope of the review includes the current shareholding structure and management of the manager, as well as Sabana REIT’s strategic direction and business. Units of Sabana REIT last closed at 39 cents.

CityDev, ST Engineering, Singapore Myanmar Investco, Sembcorp, ABR, Ley Choon

SINGAPORE (Jan 19): Here are some stocks that could move the market this Thursday morning:

City Developments Limited (CDL) has signed an agreement to invest RMB 72 million ($14.8 million) for a 24% stake in Distrii, a leading operator of co-working spaces in China. In Singapore, Distrii will lease more than 60,000 sf of space at CDL-owned Republic Plaza Tower 1. Shares of CityDev closed 5 cent higher at $8.84.

Which developer stands to benefit from improving residential property sentiment?

SINGAPORE (Dec 8): The resurgence in volume growth and residential sentiment in the recent quarters is leading Credit Suisse to believe that these are an important first step towards a sustainable recovery in Singapore’s property sector.

Lead analyst Louis Chua believes that the market is now beyond peak supply, with 2017 supply tapering to 13,284 units, in line with historical average.

“Importantly, total unsold units have declined to an all-time low of 22,502 units, with rising sales momentum supportive,” says Chua.

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