City Developments Ltd.

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Company Background

City Developments is one of the largest real estate development companies in Singapore with strengths in residential development and hotel operation. Founded in 1963, the firm went public the same year, listing its shares in the former Malayan Stock Exchange. The firm is currently listed on the Singapore Exchange. In 1972, Hong Leong Group, led by founder Kwek Hong Png, acquired a controlling interest in City Developments, making the firm a member of the Malaysian conglomerate. The company is currently led by Executive Chairman Kwek Leng Beng, a son of Hong Leong's founder and one of the richest people in Southeast Asia. Hong Leong Group is still a majority shareholder in the company.

Its portfolio includes major condominiums, as well as retail and office complexes both in Singapore and abroad. It also holds a majority stake in London-listed global hotel group Millennium & Copthorne Hotels, which has a network of over 110 hotels in the world. Faced with a slowdown in Singapore's domestic property market, the company has been seeking to expand overseas, especially in Japan and Australia. In late 2014, it acquired 16,815 sq. meters of land in central Tokyo to develop condominiums, marking its entry into Japan's residential market.

Business Summary

City Developments Ltd. is an investment holding company, which engages in the property development and ownership. It operates through the following segments: Property Development, Hotel Operations, Rental Properties, and Others. The Property Development segment develops and purchases properties for sale. The Hotel Operations segment owns and manages hotels. The Rental Properties segment develops and purchases investment properties for sale. The Others segment comprises of club operator and owner, investment in shares, property management, project management and consultancy services; and provides information technology and procurement services. The company was founded on September 7, 1963 and is headquartered in Singapore.

Financial Highlights

Dec 2018	SGD	USD
Revenue	4,222.56M	3,129.43M
Gross Profit	1,914.07M	1,418.56M
Operating income	1,385.23M	1,026.63M
Income before tax	810.63M	600.78M
Net income	557.33M	413.05M
EBITDA	1,600.29M	1,186.01M
Diluted EPS	0.58	0.43
Dividends Per Share	0.08	0.05
Total Assets	20,885.69M	15,323.32M
Total liabilities	8,611.75M	6,318.23M
Total equity	10,040.69M	7,366.61M
Operating cash flow	-630.20M	-467.05M
	Currency in SGD	Currency in USD

Historical Data

SGD | USD

	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018
Revenue	3,763.93M	3,304.10M	3,905.45M	3,828.62M	4,222.56M
Gross Profit	1,632.36M	1,656.13M	1,757.91M	1,684.94M	1,914.07M
Operating income	1,121.87M	1,127.07M	1,215.73M	1,147.57M	1,385.23M
Income before tax	948.93M	878.49M	843.48M	734.91M	810.63M
Net income	769.63M	773.36M	653.22M	538.22M	557.33M
EBITDA	1,318.19M	1,337.79M	1,433.76M	1,359.67M	1,600.29M
Diluted EPS	0.80	0.81	0.68	0.56	0.58
Dividends Per Share	0.08	0.08	0.08	0.08	0.08
Total Assets	19,700.52M	20,318.53M	19,797.42M	19,503.29M	20,885.69M
Total liabilities	8,924.91M	9,105.51M	8,388.73M	7,662.14M	8,611.75M
Total equity	8,410.12M	8,995.79M	9,293.80M	9,583.57M	10,040.69M
Operating cash flow	206.78M	-17.65M	1,131.49M	1,092.45M	-630.20M

	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018
Revenue	2,970.77M	2,402.53M	2,828.71M	2,773.40M	3,129.43M
Gross Profit	1,288.37M	1,204.23M	1,273.25M	1,220.55M	1,418.56M
Operating income	885.46M	819.53M	880.55M	831.28M	1,026.63M
Income before tax	748.96M	638.78M	610.93M	532.36M	600.78M
Net income	607.45M	562.34M	473.12M	389.88M	413.05M
EBITDA	1,040.41M	972.76M	1,038.47M	984.92M	1,186.01M
Diluted EPS	0.63	0.58	0.49	0.40	0.43
Dividends Per Share	0.06	0.05	0.05	0.05	0.05
Total Assets	14,867.19M	14,322.44M	13,703.48M	14,593.90M	15,323.32M
Total liabilities	6,735.27M	6,418.43M	5,806.56M	5,733.41M	6,318.23M
Total equity	6,346.78M	6,341.09M	6,433.03M	7,171.18M	7,366.61M
Operating cash flow	163.20M	-12.83M	819.53M	791.35M	-467.05M

Valuation Measures

Dec 2018
PER	13.55
ROA	2.75%
ROE	5.68%
Operating margin	32.80%
Profit margin	13.19%

Key executives

Chief Executive Officer & Executive Director: Eik Tse Kwek
Group Chief Financial Officer: Yim Ming Yiong
Chief Technology Officer: Ivan Ng
Head-Corporate Administration & Procurement: Cindy Tan
Group Chief Investment Officer: Shao Hong Khoo

Shareholders

KWEK FAMILY (37.3%)
Euroform (S) Pte Ltd. (2.1%)
The Vanguard Group, Inc. (1.8%)
SGI Investment Holdings Pte Ltd. (1.7%)
Nin Investment Holdings Pte Ltd. (1.6%)
Garden Estates Pte Ltd. (1.5%)
Aberdeen Standard Investments (Asia) Ltd. (1.5%)
Estate of Khoo Teck Puat (1.0%)
Gordon Properties Pte Ltd. (1.0%)
Norges Bank Investment Management (0.9%)

Contact Details

Website:http://www.cdl.com.sg
Address: 9 Raffles Place, No. 12-01 Republic Plaza, Singapore, 048619, Singapore
Phone: +65.6877.8228

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Competitors

Last Updated on 11 Nov, 2019