City Developments - UOB Kay Hian 2024-02-29: Better-Than-Expected 2023 Results

• While City Developments (SGX:C09) reported a 75% decline in PATMI to S$317m, this was skewed by results in 2022 that were bolstered by divestment gains, the largest being the sale of Millennium Hilton Seoul and the gain on the deconsolidation of CDL Hospitality Trusts (SGX:J85).
• - Read this at SGinvestors.io -

Property development and hotel segments the key performers

• Key drivers of City Developments's performance in 2023 were the property development and hotel segments with the former helped by the revenue recognition of Piermont Grand, as Executive Condominiums use slightly different revenue and profit recognition standards, as well as the sale of land in Japan, and higher contribution from Singapore residential properties (e.g. Irwell Hill Residences and Amber Park) and Hong Leong Tech Park in Shenzhen.

Hotel operations remain a growth pillar.

• - Read this at SGinvestors.io -
• City Developments’s average room rate has now surpassed pre-COVID-19 levels for all its operating regions.

Burden of debt starting to become an issue.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2026-01-21 City Developments - Resetting Our Expectations – Higher For Longer.

Previous report by UOB:
2025-08-14 City Developments 1H25 - Strong Divestment Momentum Offsets Operational Headwinds.

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 Dividend Payout Dates & Corporate Actions,
City Developments News