InvestIdeas

not vested

City Developments’ future RNAV gets boost as redevelopment takes shape

Its book NAV based on historical cost accounting stood at $9.22 as at June 30, 2021.

If NAV were to include fair value gains on investment properties, it would be $14.22.

If NAV were to include fair value gains on investment property and revaluation surplus on the hotel portfolio, it would rise to $17.

Hence based on the closing price of $6.83, CDL is trading at 0.7 times book NAV, 0.48 times P/NAV including fair value gains, and 60% discount to revalued NAV (RNAV).

Source: The Edge Singapore

https://www.theedgesingapore.com/capita ... akes-shape

not vested

Property and hotels group City Developments Ltd (CDL), which posted a S$32.1 million group net loss in the first half of this year, is starting to see light at the end of the tunnel for its hospitality business after being hit by the Covid-19 pandemic that erupted last year.

The group's hotel business has begun to show green shoots of recovery from the second quarter of this year against Q2 2020, and all regions posted positive gross operating profit for June 2021.

The group's overall revenue per available room (RevPAR) more than doubled to S$63.2 for Q2 2021 from S$29 in Q2 2020, with all regions reporting growth as border restrictions began easing.

Source: OCBC

City Developments Limited to divest interest in Sincere
https://www.theedgesingapore.com/news/c ... st-sincere

not vested

Reiterate Add rating

We maintain our RNAV-based TP of S$8.97, based on a 45% discount to RNAV.

We believe a favourable outcome of the M&C portfolio strategic review and potential listing of its UK-focused office REIT would enable it to unlock its portfolio value and optimise property returns.

This should narrow the gap between share price and RNAV in the medium term.

Potential re-rating catalysts include a faster-than-expected recovery in the global hospitality sector and asset divestments.

Downside risk: drag from slow macro outlook.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 57f746b8f7

CDL announces plans for Central Mall after $315m acquisition of Central Square
https://www.theedgesingapore.com/news/d ... on-central

CDL to divest Millennium Hilton Seoul and adjoining land for $1.26 bil at 'significant premium to book value'
https://www.theedgesingapore.com/news/p ... emium-book

CDL reports 2HFY2021 earnings of $129.7 mil; plans distribution in specie of CDLHT units worth 19.1 cents
https://www.theedgesingapore.com/capita ... nits-worth

CDL to sell all 85 strata lots in Tanglin Shopping Centre in collective sale
https://www.theedgesingapore.com/news/p ... ctive-sale

The record PATMI was largely due to the divestment gains from CDL’s sale of Millennium Hilton Seoul and its adjoining land site for 1.1 trillion won ($1.25 billion), as well as the gain on deconsolidation of CDL Hospitality Trusts (CDLHT) from the group resulting from the distribution in specie.


CDL posts record PATMI of $1.13 bil for 1HFY2022 mainly from divestment gains and gain on deconsolidation of CDLHT
https://www.theedgesingapore.com/capita ... s-and-gain

CDL reports high occupancies for Singapore office, recovery in retail and hotel portfolios
https://www.theedgesingapore.com/capita ... portfolios