developer

IREIT stake acquisition provides more than just recurring income growth for CityDev, says Jefferies
SINGAPORE (May 3): Jefferies is maintaining “buy” on City Developments (CDL) with a target price of $12 based on 0.84 times book value.  This follows news of the developer acquiring a 50% stake in IREIT Global’s manager, along with a 12.4% stake in the REIT from Tikehau Capital and another investor for a total consideration of $77.8 million. On completion of the acquisition, CDL ...
Low Keng Huat posts 34% lower 4Q earnings of $3.5 mil on revenue decline
SINGAPORE (April 2): Low Keng Huat has announced 4Q18 earnings of $3.5 million, declining 34% y-o-y from $5.3 million on the back of lower revenue.    This brings the property developer’s FY18 earnings of $15.4 million, down 13% from $17.8 million a year ago due to lower overall profit from its development and investment segments. Over the latest 4Q, revenue fell 69% to $8.9 ...
It's onward and upward for CapitaLand going into FY19, say analysts
SINGAPORE (Feb 21): CGS-CIMB Research, DBS Vickers Securities and OCBC Investment Research are maintaining “buy” on CapitaLand with the respective price targets of $3.56, $3.62 and $3.98, after the group posted 71.2% higher earnings of $476 million for the 4Q ended Dec 2018. In a Wednesday report, CGS-CIMB analyst Lock Mun Yee says she continues to like the stock for its robust residential ...
CapitaLand reports 18.8% lower 1Q earnings to $319.1 mil on absence of one-off gain
SINGAPORE (Apr 30): CapitaLand posted an 18.8% decline in 1Q18 earnings to $319.1 million from $392.8 million a year ago, on the absence of a $160.9 million gain from the sale of The Nassim in 1Q17.   Nonetheless, the group reported a 53.3% growth in 1Q18 revenue to $1.4 billion from $879.5 million a year ago. This came on the account of account of higher contributions from ...
After bulking up, this property play is ready to enjoy even greater growth
SINGAPORE (Feb 28): CIMB is reiterating its “add” recommendation on UOL Group with a target price of $9.67, which is based on a 20% discount to a higher RNAV of $12.09 after adjusting FY81-19 EPS estimates post the property developer’s 4Q results. See: UOL reports trebling of FY17 earnings to $891 mil on UIC consolidation In a Tuesday report, CIMB analyst Lock Mun Yee says she expects ...
GuocoLand to continue enjoying strong earnings momentum ahead: CIMB
SINGAPORE (Feb 2): CIMB Research is maintaining its “add” call on GuocoLand while raising its target price to $2.88 from $2.82 previously, after tweaking RNAV projections post the property developer’s 2Q18 financial results. See: GuocoLand earnings fall 25% to $43 mil in 2Q on lower share of profit, higher expenses In a Thursday report, analyst Lock Mun Yee says she continues to like ...
Oxley announces soft opening of Mercure Singapore on Stevens
SINGAPORE (Dec 8): Property developer Oxley Holdings has announced the soft opening of Mercure Singapore on Stevens, a 518-guestroom development with an all-day restaurant, an executive lounge, a fitness centre and a swimming pool.  A ribbon-cutting event was held with the presence of Oxley’s executive chairman and CEO, Ching Chiat Kwong, along with the management teams of both Mercure ...
UOL assets marked up on UIC consolidation after a strong but 'unsurprising' 3Q
SINGAPORE (Nov 13): OCBC Investment Research and Maybank Kim Eng are maintaining their “buy” calls on property developer UOL Group with higher target prices of $9.70 and $9.85 respectively. In a Monday note, OCBC says it has updated its valuation model to factor in UOL’s latest 3Q results, where earnings were up sevenfold to $618.1 million on higher revenue as a result of accounting for ...
Hatten Land posts 63.2% rise in 1Q earnings to $1 mil on higher progressive sales
SINGAPORE (Nov 7): Property developer Hatten Land has announced RM3 million ($1 million) in earnings for 1Q18, rising 63.2% from RM1.8 million a year ago on higher revenue and lower expenses. Revenue for the quarter grew 5% to RM56.5 million compared to RM53.8 million previously. The revenue growth was mainly due to higher progressive sales recognised from Harbour City – a six-acre ...
Adding developer Chip Eng Seng as residential market recovers
(Oct 9): Home prices rose 0.5% in the third quarter of this year, the first rebound in four years, according to flash data released by URA on Oct 2. The private residential property index rose 0.7 points from 2Q to hit 137.3 points. OCBC Investment Research says this is “a key inflection point marking the end of the Singapore housing bear” and that home prices hit their cyclical lows in ...