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Finance

City Developments Ltd.

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 SGDUSD
Revenue4,222.56M3,129.43M
Gross Profit1,914.07M1,418.56M
Operating income1,385.23M1,026.63M
Income before tax810.63M600.78M
Net income557.33M413.05M
EBITDA1,600.29M1,186.01M
Diluted EPS0.580.43
Dividends Per Share0.080.05
Total Assets20,885.69M15,323.32M
Total liabilities8,611.75M6,318.23M
Total equity10,040.69M7,366.61M
Operating cash flow-630.20M-467.05M
Currency in SGDCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 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 2014Dec 2015Dec 2016Dec 2017Dec 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
PER13.55
ROA2.75%
ROE5.68%
Operating margin32.80%
Profit margin13.19%

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

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