GuocoLand - DBS Research 2022-09-02: Exciting Times Ahead On Both Property Development & Investment Fronts

GuocoLand - Exciting Times Ahead On Both Property Development & Investment Fronts

  • GuocoLand (SGX:F17)'s FY22 net profit 151% above estimate, driven by fair value gains from Guoco Tower and Guoco Midtown. FY22 revenue was in line with our estimate at S$965.5m, which was mainly contributed by the higher progressive recognition of sales from the group’s residential projects in Singapore.
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  • The disposal of its Vietnam subsidiaries was completed, resulting in a net profit from discontinued operations of $14.3m. Profit attributable to equity holders of GuocoLand for the year more than doubled to $392.7m, from S$169.1m in FY21.
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  • Property development segment to remain a key driver. Revenue increased 12% y-o-y to S$803.4m in FY22 from S$716.8m in FY21 on the back of higher progressive recognition of sales. As at 30 June 2022, 79% of Meyer Mansion was sold, 75% of Midtown Modern was sold, 38% of Midtown Bay was sold, and 76% of The Avenir was sold. With sales for Midtown Bay lagging the rest of the projects, management shared that the strategy going forward would be to lease out the unsold properties once it received the TOP, given that the units would command higher rental rates as part of a mixed-use development with access to the network hub in Guoco Midtown.
  • Pivoting to a deeper focus on the property investment business. GuocoLand has been steadily growing its property investment business, with 60% of its assets in investment properties as at 30 June 2022.
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    Above is the excerpt from report by DBS Group Research.
    Clients of DBS may access the full report in PDF @

    Tabitha FOO DBS Group Research | Derek TAN DBS Research | 2022-09-02

    Read also DBS's most recent report:
    2023-09-07 Guocoland - The Best Is Yet To Come.

    Price targets by other brokers at GuocoLand Target Prices.

    Listing of research reports at GuocoLand Analyst Reports.

    Relevant links:
    GuocoLand Share Price History,
    GuocoLand Announcements,
    GuocoLand Dividends & Corporate Actions,
    GuocoLand News Articles


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