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shareholders have ' bear' ed with it...make no ' bull' about it :)
newbie19 ( Date: 07-Jan-2021 14:36) Posted:
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got to bear with it..
john_ric ( Date: 14-Aug-2020 13:24) Posted:
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TP 10SGD.......dividend not important now as the call now is 6 months ahead....
no dividend is declared.
City Developments Limited (CDL): Despite seeing its first-half bottom line whittled to just S$3.1 million,CDL is looking to rejuvenate its portfolio by redeveloping some assets. It is also looking to list a real estate investment trust on the Singapore Exchange holding UK commercial properties. CDL shares rose S$0.12 or 1.4 per cent to close at S$8.46 on Thursday
https://www.businesstimes.com.sg/companies-markets/cdl-to-add-zing-to-its-portfolio-with-redevelopments-divestments-0
https://www.businesstimes.com.sg/companies-markets/cdl-to-add-zing-to-its-portfolio-with-redevelopments-divestments-0
| City Developments | PDF | ||||
| Challenging 1H | ||||
| CIT SP / CTDM.SI | ADD - Maintained | SGD8.34 tp:SGD10.10 Mkt.Cap:US$5,512.00m | Avg.Daily Vol:US$13.90m | Free Float:59.70% Property Devt & Invt Author(s): LOCK Mun Yee (65) 6210 8606 |
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1H20 results highlights City Developments (CIT) reported a 1H20 PATMI of S$3.1m (-99.1% yoy), on a revenue of S$1,072.9m, dragged by lower performance across its business segments due to the adverse impact of the Covid-19 pandemic. There was also lower jv contributions with after-tax losses from its 51.01% stake in Sincere Group (acquisition completed at end-Apr 2020), reduced one-off gains, as well as S$33.9m in impairment losses for 8 hotels in the US, Europe and UK. This was partly offset by a S$43.2m negative goodwill from its stake in Sincere Group and S$49.9m divestment gains. Balance sheet remains healthy with net debt/equity of 0.71x and cash and undrawn facilities of S$4bn at end-1H20. Slower residential contributions from lower-margin projects 1H20 property development PBT saw a 36% yoy decline to S$115m, with contributions coming from the leaner-margin projects, such as The Tapestry, Whistler Grand and Amber Park. The group sold 356 units in 1H20, with a value of c.S$515m (-66.5% yoy). CIT plans to launch the 566-unit Penrose at Sims Drive in 2H20. Within its commercial portfolio, shopper footfall at its retail outlets has recovered by 88% to date, since phase 2 circuit breaker re-opening from 19 Jun, although sales remain weak. Occupancy at its office and serviced apartments in China remains stable at c.50% and 70%, respectively. Challenging hotel environment to persist Its hotel segment reported a PBT loss of S$208.2m, inclusive of a S$34m impairment charge, weaker than its earlier profit guidance of a S$120m-140m loss. Portfolio RevPar declined 56.6% yoy in 1H20, and 28% of its 152 hotels worldwide still remain temporarily closed as at end-1H20. While there are signs of some pick-up, any recovery in hotel performance is likely to be muted. Management guided that losses are expected to continue through year-end and it would continue implementing cost-cutting strategies. Redeveloping Fuji Xerox and Central Mall to enhance value On portfolio enhancement, in addition to redeveloping Liang Court into a mixed-used integrated project, CIT is also planning to redevelop Fuji Xerox Building (FXB) and Central Mall (CM), under the government&rsquo s Central Business District incentive scheme. FXB is likely to be redeveloped into a 51-storey mixed-use project with a floor area of 655k sq ft, while CM is likely to be redeveloped into a mixed-use development, with a floor area of c.240k sq ft. Both developments are still pending approvals from the authorities. The company is also looking to divest its non-core hotels and China investment properties. These have not been factored into our current RNAV estimate. Reiterate Add rating We cut our FY20-21F EPS by 11.4-45.8% to factor in continued losses from its global hospitality business. Our RNAV/TP is tweaked down to S$18.37/S$10.10, after factoring in a lower TP for CDL Hospitality Trusts (CDLHT). A potential re-rating catalyst is a faster-than-expected recovery in the global hospitality sector. Downside risks: drag from slow macro outlook on residential sector. |
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