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CityDev
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Joelton
Supreme |
03-Jun-2026 12:49
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RHB maintains ' buy' and $11.20 target price on CDL ahead of strategic review Vijay Natarajan is staying positive on City Developments, ahead of its strategic review expected by the third quarter this year. " We expect greater clarity on assets identified of around $5 billion and timeline for capital recycling, key investment pillars and capital allocation strategies to enhance its flagging ROE," says the RHB Bank Singapore analyst in his June 2 note. " The focused execution of value-unlocking plans remains a key catalyst in narrowing its huge trading discount to RNAV. This is augmented by the recent strengthening of its Board and resilient Singapore market, where it has a dominant presence," says Natarajan, who is keeping his " buy" call and $11.20 target price. According to Natarajan, key assets recently outlined for divestment by CDL include its legacy UK development platform, which is valued at around $800 million. The company has plans to " value unlock" its global living sector portfolio, worth some $4 billion, via potential injection into a private fund, along with likely changes to its hospitality portfolio. " While recent interest rate volatility could impact the execution timeline, a clearer articulation of asset light strategy and identification of core/non-core assets is a key rerating catalyst," says Natarajan. Last month, Kwek Leng Peck, who left the board back in 2020 following disagreements over the company' s China strategy, recently rejoined the board at the elevated role of vice chairman. Leng Peck is the cousin of CDL' s executive chairman Kwek Leng Beng, and uncle of group CEO Sherman Kwek. " We believe his reappointment will strengthen the Board&rsquo s rigour and lead to more robust deliberations over the group&rsquo s divestment and investment strategy, just as CDL embarks on value unlocking plans," says Natarajan. Meanwhile, the analyst notes that the Singapore residential market remains healthy with CDL&rsquo s projects not impacted from recent policy changes targeting executive condominiums that will take effect only for upcoming land tenders. CDL has two EC projects in the launch pipeline and Natarajan expects strong demand as buyers rush in before tighter policy restrictions. Meanwhile, the high-end Newport Residences launched in January saw a stronger-than-expected take-up with around 80% of 246 units sold year to date at an average of $3,200 psf. While FY2026 residential sales value is likely to be lower y-o-y, due to fewer launches, income contribution is expected to be on par from progressive revenue recognition of earlier sold projects, says Natarajan. CDL shares closed at $8.44 on June 2, down 1.63% for the day and up 5.24% year to date. |
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JurongW
Elite |
01-Jun-2026 02:16
Yells: "Earnings give weight, Chart give wings" |
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Falling wedge pattern on the daily chart
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JurongW
Elite |
01-Jun-2026 01:39
Yells: "Earnings give weight, Chart give wings" |
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When it goes past $14, otw to $15!
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MrBear12
Supreme |
31-May-2026 21:35
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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way to go, then 15
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JurongW
Elite |
31-May-2026 17:24
Yells: "Earnings give weight, Chart give wings" |
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JurongW
Elite |
31-May-2026 17:19
Yells: "Earnings give weight, Chart give wings" |
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JurongW
Elite |
31-May-2026 17:12
Yells: "Earnings give weight, Chart give wings" |
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Updated as of Fri 29 May.
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JurongW
Elite |
25-May-2026 17:13
Yells: "Earnings give weight, Chart give wings" |
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Finally close above 50 EMA today. Share price is now trading above short term, mid term and long term MAs. Back to uptrend. 
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tongphlp
Supreme |
21-May-2026 19:00
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Bad...
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Joelton
Supreme |
21-May-2026 10:06
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CDL&rsquo s Singapore property sales fall to S$609.6 million in Q1, global hotel RevPAR rises 4.3% For the three months ended Mar 31, the group and its joint venture associates sold 242 units [SINGAPORE] City Developments Ltd (CDL) posted a decline in its first-quarter Singapore property sales, while its global hotel operations recorded higher revenue per available room (RevPAR). For the three months ended Mar 31, the group and its joint venture associates sold 242 units with a total sales value of S$609.6 million. This was down from the year-ago period&rsquo s 795 units with S$1.9 billion in sales value. The sales were driven mainly by the launch of its 246-unit freehold Newport Residences in January, the developer said in an operational update on Wednesday (May 20). It noted that in contrast, its Q1 2025 showing benefited from the launch of the larger 777-unit The Orie. Newport Residences recorded an average selling price of about S$3,200 per square foot. To date, it has sold 192 or 78 per cent of the units. In February, CDL clinched a government land sales parcel at Tanjong Rhu Road in a joint venture for S$709.3 million, or S$1,455 per square foot per plot ratio. The group&rsquo s hotel operations recorded a 4.3 per cent increase in global RevPAR to S$144.80 for the latest quarter, from S$138.80 the year before. This was on the back of RevPAR growth in Australasia (17.7 per cent), Singapore (7.5 per cent), Europe (4.7 per cent) and New York (4 per cent), it said. As at Mar 31, CDL&rsquo s net gearing ratio stood at 72 per cent, factoring in the fair value of investment properties and the Tanjong Rhu acquisition. Its interest cover stood at 2.7 times. It maintained " strong&rdquo cash reserves of S$2.1 billion, supported by S$4.3 billion in cash and undrawn committed credit facilities. &ldquo The group remains resilient amid ongoing geopolitical uncertainties, such as conflict in the Middle East, evolving trade policies, inflationary pressures, and energy costs,&rdquo CDL noted. &ldquo While global macroeconomic headwinds may lead to cautious sentiment, the group&rsquo s diversified portfolio remains healthy and stable.&rdquo Shares of CDL : C09 -1.82% closed 1.8 per cent or S$0.15 lower at S$8.07 on Wednesday, before the update. |
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JurongW
Elite |
20-May-2026 20:45
Yells: "Earnings give weight, Chart give wings" |
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Can it go above 50EMA tomorrow? Whether breakout from trendline resistance, 50 EMA or fall back into the triangle - we' ll find out tomorrow.
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tongphlp
Supreme |
20-May-2026 19:41
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too lengthy to read but from the direction of the share price, investors are not taking to this.
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JurongW
Elite |
20-May-2026 18:02
Yells: "Earnings give weight, Chart give wings" |
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OPERATIONAL UPDATE FOR THE QUARTER ENDED 31 MARCH 2026 https://links.sgx.com/1.0.0/corporate-announcements/2PYRAVC5V7G8EKP0/889519_CDL%20Operational%20Update%20for%20the%20Quarter%20Ended%2031%20Mar%202026.pdf |
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tongphlp
Supreme |
20-May-2026 11:08
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dropping... one day wonder....not one hit wonder..
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Joelton
Supreme |
20-May-2026 11:07
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Quantify, be ambitious: Time for CDL, UOL to unveil plans to further boost share price Hongkong Land&rsquo s strategy update provides a useful reference [SINGAPORE] Amid a revival of interest in Singapore stocks and resilience in the Republic&rsquo s property market, shares of City Developments Ltd : C09 +4.85% (CDL) and UOL Group : U14 +1.6% have rallied strongly since mid-2025, though some gains have been erased by the conflict in the Middle East. Both CDL and UOL are active in property development, property investment and hospitality, and are constituents of the benchmark Straits Times Index. The duo delivered solid results for financial year 2025. Helped primarily by strong capital recycling gains and robust residential property sales in Singapore, CDL posted net profit of S$629.7 million, up 213 per cent on the year. For the full year, dividend per share (DPS) was S$0.28, versus S$0.10 for FY2024. Driven by strong performance from property development and investment, UOL recorded net profit of S$481.7 million for FY2025, up 34 per cent year on year. Shareholders were rewarded with a special dividend of S$0.07 a share, on top of a first and final dividend of S$0.18 a share for the full year. Book value discounts Still, CDL and UOL trade below book value. As at Tuesday (May 19), CDL&rsquo s share price was S$8.22, representing a 23 per cent discount to its end-2025 net asset value (NAV) per share of S$10.74. It is also a larger discount of 54 per cent to the restated NAV per share of S$17.99 with fair value of investment properties included. And including the fair value of investment properties and hotels, the share price is a 59 per cent discount to the restated NAV per share of S$20.16. Likely, the restated NAV per share of S$20.16 is still conservative as this excludes potential profit from residential property development. Meanwhile, UOL&rsquo s share price of S$10.17 as at May 19 represents a 27 per cent discount to its end-2025 NAV per share of S$13.92. The company recognises fair value on investment properties as determined by independent professional valuers. However, the surplus on valuation of hotel properties amounting to S$1.8 billion as at end-2025 was not incorporated in its financial statements. CDL and UOL should urgently unveil ambitious strategic plans with quantifiable targets to drive further share price improvement and close the valuation gap with what the groups are truly worth. CDL has engaged global advisory firm Teneo to conduct a review of its strategy and operations, and expects to announce the outcome of the review by June. Might unveiling new strategic plans that get buy-in from investors be another feather in the cap of octogenarian executive chairman Kwek Leng Beng? Hongkong Land&rsquo s template What Hongkong Land : H78 -0.38% unveiled in its strategy update in October 2024 can serve as a useful guide to CDL and UOL. Despite having significant exposures to the struggling property markets of Hong Kong and mainland China, the company&rsquo s share price has more than doubled since unveiling its new strategy. Hongkong Land set out to double underlying profit before interest and tax, double DPS, recycle capital of up to US$10 billion, and grow assets under management (AUM) to US$100 billion with active participation by third-party capital by 2035. By growing the business through development and management fees, the group aims to boost return on equity (ROE). It has made progress in executing its strategy. For example, it exited the property development business in Singapore and Malaysia with the sale of MCL Land to Sunway Group. Earlier this year, Hongkong Land established its inaugural private real estate fund, the Singapore Central Private Real Estate Fund, with Qatar Investment Authority and APG Asset Management as founding investors. Hongkong Land manages this fund, the assets of which include properties that the group injected. Based on the company&rsquo s latest annual report, total share buyback invested until end-February 2026 amounted to more than US$330 million, thereby reducing issued share capital by 2.4 per cent. The group has since continued to repurchase shares. Driving ROE While CDL and UOL achieved significantly higher ROE in 2025 from the year before, their ROEs of 6.6 per cent and 4.1 per cent, respectively, are unexciting. Both groups could use their investment properties to establish private real estate funds and/or listed real estate investment trusts to leverage third-party capital for growing AUM and earning recurring fee-based income. Such a strategy will help drive higher ROE on a sustainable basis. Perhaps the duo can do more in portfolio recycling, especially by exiting underperforming businesses as well as being more investor-friendly through robust capital management. Actively buying back shares may help, too. UOL could consider taking its listed subsidiary Singapore Land Group : U06 0% private to enhance operational flexibility and achieve cost savings. It could also divest its substantial holdings of financial assets, which include investments in UOB : U11 +1.23% and Haw Par Corporation : H02 -1.2%. UOL&rsquo s balance sheet as at end-2025 included financial assets worth over S$1.5 billion. Might selling stakes in a bank and a diversified group with a strong presence in consumer healthcare be optimal for UOL? CDL and UOL are sharp in execution on property development and management of investment properties in Singapore. Both groups have built sizeable hospitality portfolios and strong hotel management capabilities. Despite share price rallies, CDL and UOL are deeply undervalued. The board of directors and management of these two leading businesses should set out strategic plans that help optimise returns for shareholders expeditiously. CDL and UOL can unleash the animal spirits of investors by unveiling bold plans which strengthen their investment stories. |
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Joelton
Supreme |
20-May-2026 11:06
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DBS maintains ' buy' call and $12 target price on CDL following the return of ' experienced steward' Kwek Leng Peck Tabitha Foo of DBS Group Research has maintained her positive view on City Developments after news that Kwek Leng Peck - " an experienced steward" - has rejoined the company' s board after six years. Leng Peck, cousin of executive chairman Kwek Leng Beng and uncle of group CEO Sherman Kwek, had previously served on CDL' s board from 1987 to 2020, before leaving after he disagreed with the controversial acquisition of China-based Sincere Property Group, which ended badly for CDL. With effect from June 1, Leng Peck will be CDL' s vice chairman and non-executive director. All this while, he has been chairman of another Kwek family-linked company, Hong Leong Asia, which has been enjoying strong gains in recent years from its multiple-sector exposure in engines and building materials. " His return comes at a pivotal juncture as CDL undertakes a strategic business review amid increasing investor focus on capital allocation, portfolio optimisation and shareholder returns," says Foo, who has kept her " buy" call and $12 target price on CDL. " Given his more than four decades of experience across the Hong Leong Group, we believe Mr Kwek&rsquo s appointment could provide additional strategic depth and operational oversight as CDL evaluates its longer-term growth trajectory and value-unlocking initiatives," she adds. Foo notes that HLA, under Leng Peck, has seen its " significant" increase in market value, driven by stronger earnings momentum, disciplined capital allocation and strategic expansion initiatives. CDL shares closed at $7.84 on May 18, down 0.25% for the day, and down 2.24% year to date. |
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tongphlp
Supreme |
19-May-2026 15:05
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yes, corporate is a dog eats dog world. align with me and you are ok if not aligned, out you go..marching orders
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JurongW
Elite |
19-May-2026 14:31
Yells: "Earnings give weight, Chart give wings" |
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Perhaps the Chairman has pledged to align with him on major decisions, especially with the strategic review to be finalised in June.
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tongphlp
Supreme |
19-May-2026 14:24
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seems like a more influential chap than sherman then..
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JurongW
Elite |
19-May-2026 14:04
Yells: "Earnings give weight, Chart give wings" |
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CDL shares rose after the announcement that Kwek Leng Peck will rejoin the board as Vice Chairman from June 1, 2026.
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