City Developments 02 (Nov 16 - Dec 20)

Re: City Developments 01 (May 09 - Dec 18)

Postby winston » Wed Aug 08, 2018 9:37 am

not vested

City Developments Limited: 2Q18 results beat our expectations

City Developments Limited (CDL) reported its 2Q18 results which beat our expectations.

Revenue jumped 59.2% YoY to S$1,359.5m. This was driven mainly by three projects, namely New Futura and Gramercy Park in Singapore, and Hong Leong City Center (HLCC) in Suzhou, China.

For HLCC, profits were recognised in entirety for the 58% of units which were handed over to buyers in 2Q18. Correspondingly, PATMI rose 79.5% YoY to S$204.8m.

On a 1H18 basis, CDL’s revenue improved 47.6% to S$2,417.4m, while PATMI increased 35.8% to S$284.8m. Both topline and bottomline accounted for 60% of our FY18 forecast.

Looking ahead, CDL still has a pipeline of over 2,600 units available for launch in Singapore, but it highlighted that ~58% of its launch pipeline is in the EC and Mass Market segments, which is primarily targeted at HDB upgraders and first time buyers.

Nevertheless, we believe buyer sentiment in the Singapore residential space will be subdued and this would like impact the pace of sales going forward. We will provide more details after the analyst briefing later.

Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 102762
Joined: Wed May 07, 2008 9:28 am

Re: City Developments 01 (May 09 - Dec 18)

Postby winston » Fri Aug 10, 2018 9:46 am

not vested

City Developments Limited: Your guess is as good as mine

City Developments Limited (CDL) reported its 2Q18 results which beat our expectations.

PATMI jumped 79.5% YoY to S$204.8m.

Management declared a higher special interim dividend of 6 S cents/share, versus 4 S cents in 1H17.

For 1H18, CDL sold 651 residential units in Singapore, a decline of 5.8%. However, the sales value of these units grew 12.1% to S$1.29b.

Looking ahead, CDL still has a pipeline of over 2,600 units available for launch in Singapore, with ~58% of its launch pipeline is in the EC and Mass Market segments.

Nevertheless, we believe buyer sentiment in the Singapore residential space will be subdued at least in the near term and the real impact of this can only be assessed in the coming months.

CDL also shared that it has set a 10-year target to achieve S$900m of recurring EBITDA per annum, versus its current run-rate of ~S$550m-S$600m.

After adjustments, our fair value increases from S$9.59 to S$9.81.

Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 102762
Joined: Wed May 07, 2008 9:28 am

Re: City Developments 01 (May 09 - Dec 18)

Postby behappyalways » Sun Aug 19, 2018 2:42 pm

CapitaLand-CDL joint venture wins Sengkang site for $777.78 mln
https://www.edgeprop.sg/property-news/c ... 7778-mln-0
血要热 头脑要冷 骨头要硬
behappyalways
Millionaire Boss
 
Posts: 21021
Joined: Wed Oct 15, 2008 4:43 pm

Re: City Developments 01 (May 09 - Dec 18)

Postby behappyalways » Sat Sep 15, 2018 4:18 pm

CityDev buys Aldgate House in London for $328 mil, expects immediate accretion
https://www.theedgesingapore.com/cityde ... -accretion
血要热 头脑要冷 骨头要硬
behappyalways
Millionaire Boss
 
Posts: 21021
Joined: Wed Oct 15, 2008 4:43 pm

Re: City Developments 01 (May 09 - Dec 18)

Postby winston » Fri Nov 09, 2018 9:35 am

not vested

City Developments Limited: 3Q18 results in-line with expectations

City Developments Limited (CDL) reported its 3Q18 results which were in-line with our expectations.

Revenue jumped 17.7% YoY to S$1,016.9m due largely to higher contribution from its New Futura project.

PATMI increased at a smaller magnitude of 10.4% YoY to S$161.8m as a result of a lower gross profit margin, higher finance and tax expenses and weaker share of after-tax profit of joint ventures.

For 9M18, CDL’s revenue jumped 37.3% to S$3,434.2m, while PATMI of S$446.6m represented growth of 25.4% and formed 80.7% of our FY18 forecast.

In Singapore, CDL and its JV associates sold 787 residential units with a combined sales value of S$1.56b for 9M18. The latter was down 11.6%.

Notwithstanding the decline, CDL has continued to drive its sales momentum. As at 4 Nov, 104 units of its New Futura project have been sold at an ASP above S$3,500 psf; 544 units (out of 600 released) of the Tapestry have been sold; 12 units (out of 50 released) of its South Beach Residences found buyers, including its super penthouse for S$26m.

CDL had also launched its Whistler Grand project on 3 Nov, and 160 out of the 240 units released were sold at ~S$1,380 psf. All-in, the latest round of property cooling measures in Singapore has clearly impacted the industry negatively, but we see some encouraging signs from CDL’s resilient ASPs.

Furthermore, its upcoming launches have already obtained Provisional Planning from URA and thus will not be subjected to the latest revision in guidelines on the minimum average unit sizes.

Given CDL’s further share price weakness since our last update in Aug, we put our ‘Hold’ rating and S$9.81 fair value estimate under review.

Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 102762
Joined: Wed May 07, 2008 9:28 am

Re: City Developments 01 (May 09 - Dec 18)

Postby winston » Fri Nov 09, 2018 9:35 am

not vested

City Developments Limited: 3Q18 results in-line with expectations

City Developments Limited (CDL) reported its 3Q18 results which were in-line with our expectations.

Revenue jumped 17.7% YoY to S$1,016.9m due largely to higher contribution from its New Futura project.

PATMI increased at a smaller magnitude of 10.4% YoY to S$161.8m as a result of a lower gross profit margin, higher finance and tax expenses and weaker share of after-tax profit of joint ventures.

For 9M18, CDL’s revenue jumped 37.3% to S$3,434.2m, while PATMI of S$446.6m represented growth of 25.4% and formed 80.7% of our FY18 forecast.

In Singapore, CDL and its JV associates sold 787 residential units with a combined sales value of S$1.56b for 9M18. The latter was down 11.6%.

Notwithstanding the decline, CDL has continued to drive its sales momentum. As at 4 Nov, 104 units of its New Futura project have been sold at an ASP above S$3,500 psf; 544 units (out of 600 released) of the Tapestry have been sold; 12 units (out of 50 released) of its South Beach Residences found buyers, including its super penthouse for S$26m.

CDL had also launched its Whistler Grand project on 3 Nov, and 160 out of the 240 units released were sold at ~S$1,380 psf. All-in, the latest round of property cooling measures in Singapore has clearly impacted the industry negatively, but we see some encouraging signs from CDL’s resilient ASPs.

Furthermore, its upcoming launches have already obtained Provisional Planning from URA and thus will not be subjected to the latest revision in guidelines on the minimum average unit sizes.

Given CDL’s further share price weakness since our last update in Aug, we put our ‘Hold’ rating and S$9.81 fair value estimate under review.

Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 102762
Joined: Wed May 07, 2008 9:28 am

Re: City Developments 01 (May 09 - Dec 18)

Postby winston » Mon Nov 12, 2018 9:18 am

not vested

City Developments Limited: Under-loved, undervalued?

City Developments Limited’s (CDL) 3Q18 results were in-line with our expectations.

PATMI increased 10.4% YoY to S$161.8m on the back of a 17.7% jump in revenue to S$1,016.9m.

Notwithstanding the lower sales value of its Singapore projects in 9M18 and the likelihood that industry headwinds would likely persist in the foreseeable future, we do see some encouraging signs.

These stem from
i) CDL’s share buybacks which are supported by its strong balance sheet (net gearing of 23%),
ii) resilient ASPs which are tracking above our initial expectations,
iii) diversification of income streams with the acquisitions of two UK investment properties, notwithstanding Brexit uncertainties, and
iv) upcoming launches will not be subjected to the latest revision in guidelines on the minimum average unit sizes.

Following CDL’s share price decline, we believe negatives are priced in and value has likely emerged. After adjustments, we derive a higher fair value estimate of S$10.73 (previously S$9.81).

Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 102762
Joined: Wed May 07, 2008 9:28 am

Re: City Developments 01 (May 09 - Dec 18)

Postby winston » Wed Dec 12, 2018 11:08 am

not vested

HOLD

Price Target 12-mth: S$9.50 (13% upside) (Prev S$10.00)

What’s New
Invested in two office buildings in London; potential to inject into a REIT or private fund platform
Expected to launch remaining land bank (c.2,300 units) in FY19
Attractive valuations but limited near-term positive catalysts from Singapore property
Maintain HOLD; TP at S$10

Source: DBS

https://researchwise.dbsvresearch.com/R ... VyaWRAQA==
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 102762
Joined: Wed May 07, 2008 9:28 am

Re: City Developments 01 (May 09 - Dec 18)

Postby winston » Thu Feb 21, 2019 10:02 am

not vested

City Developments Limited: 4Q18 results in-line with expectations

City Developments Limited (CDL) reported its 4Q18 results which were in-line with our expectations.

Revenue and PATMI fell 40.6% and 54.7% YoY to S$788.3m and S$77.9m, respectively. If we exclude S$94.1m of impairment losses for hotels and S$20.1m of allowance for foreseeable losses on two small-scale development projects in Central London, as well as a divestment gain from two Chongqing projects in 2017, PATMI would instead have increased by 17% YoY. For FY18, revenue rose 10.3% to S$4,222.6m.

PATMI of S$557.3m represented growth of 6.7% and this constituted 99.9% of our forecast.

A special final dividend of 6.0 S cents/share was declared, on top of a final ordinary dividend of 8.0 S cents/ share.

This brings full-year DPS to 20.0 S cents, higher than the 18.0 S cents paid in FY17. In 2018, CDL sold 1,113 units in Singapore with total sales value of S$2.2b, while 259 units and 18 villas were sold in China with total sales value of RMB1.3b (~S$269m).

Looking ahead, CDL plans to launch five projects in Singapore this year, with three in 1H19 and two in 2H19.

Maintain BUY on CDL but our fair value of S$10.73 will be up for review. We will provide more details after the analyst briefing.

Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 102762
Joined: Wed May 07, 2008 9:28 am

Re: City Developments 01 (May 09 - Dec 18)

Postby winston » Fri Feb 22, 2019 9:40 am

not vested

City Developments Limited: Learning to dance in the rain

City Developments Limited’s (CDL) 4Q18 results were in-line with our expectations.

PATMI fell 54.7% YoY to S$77.9m due largely to impairment losses and allowances.

A special final dividend of 6.0 S cents/share was declared, on top of a final ordinary dividend of 8.0 S cents/share. This brings full-year DPS to 20.0 S cents (FY17: 18.0 S cents).

CDL plans to launch five projects in Singapore this year (2,434 units). Another focus would be to grow its recurring income streams.

The acquisition of two freehold commercial properties in UK last year was good testament to management’s execution capabilities, given strong rental reversions of ~15% secured.

If we take into account revaluation surpluses amounting to ~S$4.4b, CDL’s net gearing would be 23%. Similarly, its historical P/B ratio (as of 21 Feb closing price) would be 0.60x instead of 0.86x.

After adjustments, our fair value is lowered slightly from S$10.73 to S$10.68.

Since our upgrade to a ‘Buy’ on 12 Nov 2018, CDL’s share price has appreciated 12.9%.

Maintain BUY with a fair value estimate of S$10.68.

Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 102762
Joined: Wed May 07, 2008 9:28 am

PreviousNext

Return to C to D

Who is online

Users browsing this forum: No registered users and 1 guest

cron