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 2019	SGD	USD
Revenue	3,428.72M	2,513.36M
Gross Profit	1,638.48M	1,201.06M
Operating income	1,047.39M	767.77M
Income before tax	557.77M	408.86M
Net income	564.57M	413.85M
EBITDA	1,323.38M	970.07M
Diluted EPS	0.59	0.43
Dividends Per Share	0.08	0.05
Total Assets	23,200.25M	17,253.75M
Total liabilities	11,933.70M	8,874.94M
Total equity	10,520.25M	7,823.78M
Operating cash flow	1,011.81M	741.69M
	Currency in SGD	Currency in USD

Historical Data

SGD | USD

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	3,304.10M	3,905.45M	3,829.19M	4,222.56M	3,428.72M
Gross Profit	1,656.13M	1,757.91M	1,684.16M	1,914.07M	1,638.48M
Operating income	1,127.07M	1,215.73M	1,162.66M	1,385.23M	1,047.39M
Income before tax	878.49M	843.48M	718.82M	810.63M	557.77M
Net income	773.36M	653.22M	522.17M	557.33M	564.57M
EBITDA	1,337.79M	1,433.76M	1,374.00M	1,600.29M	1,323.38M
Diluted EPS	0.81	0.68	0.54	0.58	0.59
Dividends Per Share	0.08	0.08	0.08	0.08	0.08
Total Assets	20,318.53M	19,797.42M	19,364.29M	20,885.69M	23,200.25M
Total liabilities	9,105.51M	8,388.73M	7,718.16M	8,611.75M	11,933.70M
Total equity	8,995.79M	9,293.80M	9,391.28M	10,040.69M	10,520.25M
Operating cash flow	-17.65M	1,131.49M	1,106.46M	-630.20M	1,011.81M

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	2,402.53M	2,828.71M	2,773.81M	3,129.43M	2,513.36M
Gross Profit	1,204.23M	1,273.25M	1,219.98M	1,418.56M	1,201.06M
Operating income	819.53M	880.55M	842.21M	1,026.63M	767.77M
Income before tax	638.78M	610.93M	520.70M	600.78M	408.86M
Net income	562.34M	473.12M	378.25M	413.05M	413.85M
EBITDA	972.76M	1,038.47M	995.31M	1,186.01M	970.07M
Diluted EPS	0.58	0.49	0.39	0.43	0.43
Dividends Per Share	0.05	0.05	0.05	0.05	0.05
Total Assets	14,322.44M	13,703.48M	14,489.89M	15,323.32M	17,253.75M
Total liabilities	6,418.43M	5,806.56M	5,775.34M	6,318.23M	8,874.94M
Total equity	6,341.09M	6,433.03M	7,027.29M	7,366.61M	7,823.78M
Operating cash flow	-12.83M	819.53M	801.51M	-467.05M	741.69M

Valuation Measures

Dec 2019
PER	18.00
ROA	2.56%
ROE	5.49%
Operating margin	30.54%
Profit margin	16.46%

Key executives

Group 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 (37.8%)
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%)
FIL Investment Management (Singapore) Ltd. (1.4%)
Eastspring Investments (Singapore) Ltd. (1.3%)
Aberdeen Standard Investments (Asia) Ltd. (1.1%)
BlackRock Fund Advisors (1.0%)

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

InterContinental Hotels Group PLC

Last Updated on 25 Sep, 2020