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City Developments Limited (CDL)
Environmental, Social and Governance
CDL first to obtain OCBC's 1.5°C loan with three-year GBP200 mil sustainability-linked facility
Launched in March, the 1.5°C loan provided by OCBC incentivises corporates to set and work towards emissions reduction targets.
December 04, 2023
Property
CDL invests in 25 freehold residential assets in Japan for $321.9 mil
The investment is CDL’s largest private rented sector transaction in Japan.
September 28, 2023
M&A
CDL acquires 256-room Osaka hotel for $78.5 mil
This is CDL's third hotel acquisition in 2023.
August 31, 2023
Broker's Calls
RHB lowers target price to $8.20 for City Developments as it awaits stronger performance catalysts
The brokerage house has maintained its “buy” call, although the property developer’s 1HFY2023 performance was “disappointing”.
August 30, 2023
Broker's Calls
PhillipCapital upgrades CDL to 'buy' on City Developments, but lowers target price to $8.22
This new target price is derived from a lower revalued net asset value (RNAV), with a 45% discount to RNAV of $14.94.
August 16, 2023
Results
CDL reports 1HFY2023 earnings of $66.5 mil, down 94.1% y-o-y from absence of substantial divestment gains
A special interim dividend of 4.0 cents per share has been declared. It will be payable on Sept 5.
August 10, 2023
Broker's Calls
'Add' these three property names as Singapore releases highest residential land supply since 2013: CGS-CIMB
Also, expect a moderation in home price growth in 2023.
June 23, 2023
REITs
IREIT Global launches fully underwritten preferential offering to raise $75.9 mil
The proceeds will be used to mainly fund the acquisition of the 17 retail properties located across France.
June 19, 2023
Property
CDL to work closely with contractors to provide necessary support after structure collapse at Tanjong Pagar
“Workplace safety is of paramount importance and we are cooperating fully with the authorities for a thorough investigation."
June 16, 2023
Broker's Calls
RHB lowers CDL's TP to $8.80, says stock is 'still cheap' despite new cooling measures
The unlocking of CDL's portfolio value via an asset spinoff into funds or REITs, is one of the key catalysts identified by RHB.
May 20, 2023