City Developments - OCBC Investment 2023-02-27: Starting On A Fresh Page

• City Developments's FY22 profit after tax and minority interest surged to a record S$1,285.3m due to bumper divestment gains.
• Strong recovery in hotel operations with revenue per available room (RevPAR) jumping 91%.
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Bumper profits but driven by divestment gains

• City Developments (SGX:C09)’s FY22 revenue increased 25.4% to S$3,293.4m, while PATMI surged from S$84.7m to a record high of S$1,285.3m due to bumper divestment gains, which includes the record sale of Millennium Hilton Seoul and the gain on the deconsolidation of CDL Hospitality Trusts (SGX:J85) following the distribution in specie (DIS) of units in 1H22, as well as the completion of the collective sales of Tanglin Shopping Centre and Golden Mile Complex in 2H22.
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• Management declared a final ordinary dividend per share of S$0.08 and a special dividend of S$0.08 per share, and this culminated in total FY22 dividend of S$0.28 (FY21 total: S$0.22 including distribution of CDL Hospitality Trusts units).

Pipeline of 2.1k residential units in Singapore; beneficiary of return of mainland Chinese notwithstanding hawkish policy direction

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OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2023-02-27 SGinvestors.io

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