City Developments 01 (May 09 - Oct 16)

Re: City Developments 01 (May 09 - Dec 12)

Postby winston » Fri Dec 14, 2012 10:49 am

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STOCKS NEWS SINGAPORE-OCBC ups CityDev target price

OCBC Investment Research raised its target price for property developer City Developments Ltd to S$13.96 from S$13.18, and kept its 'buy' rating on the stock, citing healthy demand for some major residential project launches in the next year.

CityDev shares were up 0.2 percent at S$12.50 by 0215 GMT.

They have gained 40.4 percent since the start of the year, compared with the Straits Times Index's <.FTSTI> 19 percent rise.

CityDev is expected to launch the Echelon, a 508-unit condominium near a centrally located train station in Singapore, which OCBC anticipates will sell well due to its good location.

CityDev could also launch a 912-unit development in the east of the island.

OCBC also noted CityDev management's expectations that mass market residential projects will continue selling well due to abundant liquidity in the market, with prices expected to show moderate increases.

CityDev is likely to be active in government land sales tenders in future, especially for mass markets sites located near train stations, it said.

Source: Reuters
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Re: City Developments 01 (May 09 - Dec 12)

Postby winston » Wed Jan 02, 2013 10:35 am

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STOCKS NEWS SINGAPORE-OCBC ups CityDev target price

OCBC Investment Research raised its target price for property developer City Developments Ltd to S$14.05 from S$13.96 and kept its 'buy' rating, citing higher average selling prices for its residential units.

By 0137 GMT, CityDev shares were up 1 percent at S$13, after rising 44.6 percent in 2012.

OCBC noted that CityDev sold units at its latest condominium launch, Echelon, at around S$1,700 per square foot on average, which was above expectations.

The brokerage estimates that the breakeven for Echelon is S$1,200 per square foot, which translates to an attractive gross profit margin of about 40 percent for the project.

"We continue to see CityDev as the best-in-class amongst domestic residential developers due to its strength in project execution, ability to read the market, and its effective risk-weighted approach to land banking," said OCBC in a report.

Source: Reuters
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Re: City Developments 01 (May 09 - Apr 13)

Postby winston » Tue Dec 16, 2014 8:53 am

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Singapore's City Developments to raise $1.1 bln from Blackstone, CIMB

HONG KONG, Dec 16 (Reuters) - Singapore's second-largest property developer City Developments Ltd said on Tuesday it plans to raise about $1.1 billion from a group of investors and banks including Blackstone Group LP to fund global expansion.

The company will raise S$750 million ($572 million) from three investors including Blackstone and another S$750 million in loans from Singapore's top two lenders, DBS Group Holdings Ltd and Oversea-Chinese Banking Corp .

City Developments plans to use the funds to "build and deploy capital for our global plans", Executive Chairman Kwek Leng Beng said in a securities filing, without elaborating.

The company will launch a so-called "profit participating security" giving the investors fixed returns of 5 percent a year for five years plus rights to the cashflow of its Quayside Collection of properties in Singapore's Sentosa island.

Blackstone will invest S$367 million in the security, CIMB Bank S$102 million and City Developments' Astoria Holdings Ltd unit putting another S$281 million.

Source: Reuters
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Re: City Developments 01 (May 09 - Dec 15)

Postby winston » Fri Jun 05, 2015 12:06 pm

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May 14, 2015

Still On Diversification Path

Avg Turnover (SGD/USD) 9.63m/7.04m
Cons. Upside (%) 4.9
Upside (%) 0.1
52-wk Price low/high (SGD) 9.16 - 10.8
Free float (%) 65
Share outstanding (m) 909

Shareholders (%)
Hong Leong Holdings 35.3
Aberdeen 13.0
Vanguard 0.1

Share Performance (%)
YTD 1m 3m 6m 12m
Absolute (0.8) (3.9) (1.1) 6.9 (5.5)
Relative (3.1) (2.7) (1.6) 2.7 (12.3)

Shariah compliant

1Q15 results were largely in line, boosted by contributions from its property development segment.

With persistent headwinds on the domestic front, we reiterate our NEUTRAL call with a revised RNAV derived TP of SGD10.20 (from SGD10.12, 0.1% upside).

According to our estimates, CDL has 77% RNAV exposure to Singapore.

Source: RHB

http://rhbosk.ap.bdvision.ipreo.com/NSi ... e21ae45662
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Re: City Developments 01 (May 09 - Dec 15)

Postby behappyalways » Fri Nov 27, 2015 6:29 pm

CDL acquires 22-acre Stag Brewery site in South West London for $335 mil
http://sgx.i3investor.com/servlets/fdnews/56059.jsp
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Re: City Developments 01 (May 09 - Dec 15)

Postby behappyalways » Wed May 25, 2016 7:35 pm

Singapore’s Second-Largest Developer Sees Cheaper Deals
http://www.bloomberg.com/news/articles/ ... fice-deals
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Re: City Developments 01 (May 09 - Dec 15)

Postby winston » Fri May 27, 2016 12:11 pm

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Media reports suggest that City Developments (CIT SP, BUY TP: SGD9.35)is in on the look out for potential investors for its third profit participation securities (PPS) structure.

The PPS this time around is expected to comprise of 48 high end apartments across Cliveden at Grange (100% owned, FH, 22 units), St Regis Residences (33% owned, 999-year lease, 12 units) and One Shenton (100% owned, 99-year lease, 14 units) with an estimated portfolio size of SGD350m (SGD2,300 psf).

About 50% of the acquisition price is expected to be funded by bank debts with CDL is likely taking a minority stake in the partnership. The co-investors will be offered a 3% p.a. fixed coupon and a 7% p. a. non-guaranteed preferred return.

The move is positive for CDL and will enable to unlock the value of its high-end properties at a time when developers are struggling to clear their high-end inventories.

Maintain our BUY call on City Developments with a target price of SGD9.35.

Source: RHB
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Re: City Developments 01 (May 09 - Dec 16)

Postby winston » Mon Jun 13, 2016 7:22 am

Australian financier catalyzes Singaporean family business empire in transition

by MAYUKO TANI

Source: Nikkei Asian Review

http://asia.nikkei.com/Business/AC/CDLs ... y-business
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Re: City Developments 01 (May 09 - Dec 16)

Postby behappyalways » Thu Aug 11, 2016 4:32 pm

CDL's 2Q earnings flat at $133.8 mil
http://sgx.i3investor.com/servlets/fdnews/62709.jsp
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Re: City Developments 01 (May 09 - Dec 16)

Postby winston » Fri Aug 12, 2016 8:10 am

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The case for CityDev

By Gwyneth Yeo

SINGAPORE (Aug 11): OCBC Investment Research and CIMB are hanging on to their “buy” recommendations for City Developments with target prices of $9.89 and $10.38 respectively.

To recap, CDL reported a 32% rise in revenue to $1.1 billion although earnings remained flat at $133.8 million in 2Q16. For 1H16, earnings fell 6.8% to $239 million. CDL declared a special interim dividend of 4 cents.

OCBC analyst Eli Lee says CDL’s stronger revenues came from the progress recognition from Lush Acres which was fully sold upon attaining its temporary occupation permit in 2Q16. However, this was offset by foreign exchange losses, lower finance income and higher tax expenses.

To date, CDL has sold 31 units at the 174-unit Gramercy Park development, while the Jewel@Buangkok, Coco Palms and The Brownstone were also 100%, 90% and 73% sold, respectively. Over the next few months, the group also plans to launch the 519-unit Forest Woods development in Paya Lebar.

Meanwhile, CIMB analyst Lock Mun Yee says CDL’s overseas residential projects are expected to contribute to the group’s results for 2H16. This follows the RMB 2 billion ($404 million) in sales that were locked in for Hong Leong City Center (HLCC) Phase 1 and another £16.3 million ($28.4 million) that were locked in for Hanover House in UK.

In addition, “sales of UK and Australia projects when completed should boost FY2017 to FY2018 development income,” says Lock.

CDL’s hotel division had a different story to tell though. Pretax earnings fell 14% to $59 million, after revenue per available room fell 5.3% in London, 5.8% in New York, and 10.2% in Singapore.

As operating conditions remain challenging, Lock says rental income would remain flat as office and retail portfolio occupancy maintained at between 94% and 97%.

Still, CDL’s balance sheet remains “robust” according to Lee. CDL’s net gearing was 27% without factoring any fair value surpluses on investment properties, and the group had over $3.3 billion in cash and 10.1x in interest cover over 1H16.

At current levels, Lock notes the stock is trading at a 36% discount to its revalued net asset value of $13.85 while Lee sees “fundamental value over the long term”.

Shares of CDL closed 0.2% lower at $8.87.

Source: The Star
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