- While no financial numbers were shared, City Developments (SGX:C09)’s 3Q23 business update showed resilience in its operations across all segments during the quarter. The group’s net debt to equity ratio (after factoring in fair value on investment properties) stood at 0.58x at end-3Q, while interest cover was 3.2x.
Share buyback to strengthen capital structure.
- - Read this at SGinvestors.io -
- The offer is expected to be completed by Dec 2023 and City Developments indicated it plans to cancel any preference share purchased to reduce finance costs of the coupon payment of the shares.
Plans to launch two new projects in 1H24F
- - Read this at SGinvestors.io -
- City Developments plans to market Lumina Grand Executive Condominium in 1Q24F and Newport Residences in 1H24F.
- With most of its ongoing projects already 41-99% sold at end-3Q, City Developments successfully replenished its landbank with the purchase of a 155,351 sq ft residential land parcel in Woodlands.
- City Developments divested a prime freehold land parcel in Tokyo for ¥50bn in 3Q23, higher than its purchase price of ¥30.5bn.
Scale up its Private Rented Sector (PRS) portfolio
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2023-11-23
Previous report by CGS-CIMB:
2023-09-28 City Developments - Diversifying Into Tokyo Private Rental Sector Sector.
Price targets by 2 other brokers at City Developments Target Prices.
Listing of research reports at City Developments Analyst Reports.
Relevant links:
City Developments Share Price History,
City Developments Announcements,
City Developments Dividends & Corporate Actions,
City Developments News Articles
