City Developments Ltd.
- 8.42 SGD
- +0.12
- +1.45%
Singapore
May 23, 2019Ticker
SES(C09)Prev. close
8.30Market cap (SGD)
7,547.20MMarket cap (USD)
5,461.40MShares
909.30M
In the news
- Singapore offices shine in otherwise dull property market Dec 3, 2018
- Singapore's shared offices aim to stand out as numbers grow May 22, 2018
- Singapore shares gain amid Asian rally, Malaysia falls May 21, 2018
- Malaysia, Singapore shares gain amid mixed Asian markets May 16, 2018
- Singapore hotels poised to recover as room glut eases May 15, 2018 See more articles on 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
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 | 0.14 | 0.10 |
| 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
| 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 | 0.12 | 0.12 | 0.12 | 0.14 | 0.14 |
| 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 | 0.09 | 0.08 | 0.08 | 0.10 | 0.10 |
| 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
- Executive VP & Head of Property Development: Mei Ling Lee
- Head-Corporate Administration & Procurement: Cindy Tan
Shareholders
- KWEK FAMILY (37.3%)
- Euroform (S) Pte Ltd. (2.1%)
- Aberdeen Standard Investments (Asia) Ltd. (1.9%)
- 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%)
- Estate of Khoo Teck Puat (1.0%)
- Gordon Properties Pte Ltd. (1.0%)
- APG Asset Management NV (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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Last Updated on 23 May, 2019