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Finance

City Developments Ltd.

  • 9.46 SGD
  • -0.08
  • -0.84%
  • Singapore
    Aug 16, 2018
  • Ticker
    SES(C09)
  • Prev. close
    9.54
  • Market cap (SGD)
    8,674.73M
  • Market cap (USD)
    6,303.39M
  • Shares
    909.30M

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 2017 SGDUSD
Revenue3,828.62M2,773.40M
Gross Profit1,684.94M1,220.55M
Operating income1,147.57M831.28M
Income before tax734.91M532.36M
Net income538.22M389.88M
EBITDA1,359.67M984.92M
Diluted EPS0.560.40
Dividends Per Share0.080.05
Total Assets19,503.29M14,593.90M
Total liabilities7,662.14M5,733.41M
Total equity9,583.57M7,171.18M
Operating cash flow1,092.45M791.35M
Currency in SGDCurrency in USD

Historical Data

 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 3,213.33M 3,763.93M 3,304.10M 3,905.45M 3,828.62M
Gross Profit 1,661.05M 1,632.36M 1,656.13M 1,757.91M 1,684.94M
Operating income 1,179.40M 1,121.87M 1,127.07M 1,215.73M 1,147.57M
Income before tax 906.68M 948.93M 878.49M 843.48M 734.91M
Net income 686.24M 769.63M 773.36M 653.22M 538.22M
EBITDA 1,364.19M 1,318.19M 1,337.79M 1,433.76M 1,359.67M
Diluted EPS 0.71 0.80 0.81 0.68 0.56
Dividends Per Share 0.08 0.08 0.08 0.08 0.08
Total Assets 17,553.69M 19,700.52M 20,318.53M 19,797.42M 19,503.29M
Total liabilities 7,337.86M 8,924.91M 9,105.51M 8,388.73M 7,662.14M
Total equity 7,731.39M 8,410.12M 8,995.79M 9,293.80M 9,583.57M
Operating cash flow 674.63M 206.78M -17.65M 1,131.49M 1,092.45M
 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 2,567.94M 2,970.77M 2,402.53M 2,828.71M 2,773.40M
Gross Profit 1,327.44M 1,288.37M 1,204.23M 1,273.25M 1,220.55M
Operating income 942.52M 885.46M 819.53M 880.55M 831.28M
Income before tax 724.57M 748.96M 638.78M 610.93M 532.36M
Net income 548.41M 607.45M 562.34M 473.12M 389.88M
EBITDA 1,090.19M 1,040.41M 972.76M 1,038.47M 984.92M
Diluted EPS 0.57 0.63 0.58 0.49 0.40
Dividends Per Share 0.06 0.06 0.05 0.05 0.05
Total Assets 13,902.81M 14,867.19M 14,322.44M 13,703.48M 14,593.90M
Total liabilities 5,811.70M 6,735.27M 6,418.43M 5,806.56M 5,733.41M
Total equity 6,123.39M 6,346.78M 6,341.09M 6,433.03M 7,171.18M
Operating cash flow 539.13M 163.20M -12.83M 819.53M 791.35M

Valuation Measures

Dec 2017
PER21.60
ROA2.73%
ROE5.70%
Operating margin29.97%
Profit margin14.05%

Key executives

  • Group Chief Executive Officer: Eik Tse Kwek
  • Group Chief Financial Officer: Yim Ming Yiong
  • Chief Technology Officer: Ivan Ng
  • Executive VP & Head of Property Development: Mei Ling Lee
  • Head-Corporate Administration & Procurement: Cindy Tan

Shareholders

  • KWEK FAMILY (37.3%)
  • Aberdeen Asset Management (Asia) Ltd. (4.9%)
  • Euroform (S) Pte Ltd. (2.1%)
  • SGI Investment Holdings Pte Ltd. (1.7%)
  • The Vanguard Group, Inc. (1.7%)
  • Nin Investment Holdings Pte Ltd. (1.6%)
  • Garden Estates Pte Ltd. (1.5%)
  • Estate of Khoo Teck Puat (1.0%)
  • APG Asset Management NV (1.0%)
  • BlackRock Fund Advisors (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

Related Companies

  • Citydev Real Estate (Singapore) Pte Ltd.
  • CDL Management Services Pte Ltd.
  • Centro Property Holding Pte Ltd.
  • CDL Evergreen Pte Ltd.
  • Land Equity Development Pte Ltd.
  • Cideco Pte Ltd.
  • Agapier Investments Ltd.
  • Mount V Development Pte Ltd.
  • Reach Across International Ltd.
  • Sunmaster Holdings Pte Ltd.
  • City Venture Properties Pte Ltd.
  • Richview Holdings Pte Ltd.
  • Vinemont Investments Pte Ltd.
  • Ascent View Holdings Pte Ltd.
  • Ace Venture Ltd.
  • Faber-Rhine Properties Pte Ltd.
  • Sunshine Plaza Pte Ltd.
  • City Capital Corp. Pte Ltd.
  • Tripartite Developers Pte Ltd.
  • Singapura Developments Private Ltd.
  • Millennium Hotel Stuttgart GmbH
  • Millennium Hotels Ltd.
  • M&C Hotels Holdings Ltd.
  • M&C (BC) Ltd.
  • Millennium & Copthorne (Austrian) Holdings Ltd.
  • Millennium Hotels London Ltd.
  • CDL Hotels Baileys Ltd.
  • CDL Hotels Chelsea Ltd.
  • Copthorne Hotel (Slough) Ltd.
  • Copthorne Hotel Newcastle Ltd.

Competitors

    Last Updated on 16 Aug, 2018

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