City Developments 01 (May 09 - Dec 18)

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

Postby behappyalways » Mon Mar 26, 2018 5:39 pm

CityDev says 315 units at The Tapestry sold over weekend launch
https://www.theedgesingapore.com/cityde ... end-launch
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Re: City Developments 01 (May 09 - Dec 18)

Postby winston » Mon May 14, 2018 9:58 am

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City Developments Limited: Bonanza of launches to come

City Developments Limited (CDL) reported its 1Q18 results which missed ours and the street’s expectations.

Despite the 35.0% YoY jump in revenue to S$1,057.8m, PATMI fell 16.3% YoY to S$80.0m due to lower gross profit and higher finance costs, effective tax rate and minority interests.

During the quarter, CDL together with its JV associates sold 459 units in Singapore with an aggregate sales value of S$792.6m, representing sturdy growth of 57% and 66% YoY, respectively.

Looking ahead, CDL has a robust pipeline of launches amounting to ~3.1k units, based on our estimates.

After adjustments, our RNAV-derived fair value estimate declines marginally from S$15.91 to S$15.78.

Maintain BUY. CDL continues to be one of our top picks within the property sector, as the group looks poised to benefit from the firm uplift in the Singapore residential market with the largest land bank in Singapore catering to all segments such as EC, mass, mid and high-end.

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

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

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

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

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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
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