- City Developments (SGX:C09) reported FY23 revenue of S$4,941.1m, representing an increase of 50% y-o-y. However, headline PATMI slumped 75% y-o-y to S$317.3m due to higher finance costs and an absence of substantial divestment gains which were registered in FY22.
FY23 core PATMI jumped fourfold y-o-y to S$188.6m and met our expectations
- - Read this at SGinvestors.io -
- Management declared a final dividend of 8 Singapore cents. Including its interim special dividend of 4 Singapore cents, the total dividend for FY23 amounted to 12 Singapore cents, lower than FY22’s dividends of 28 Singapore cents.
Perfomance by segments
- - Read this at SGinvestors.io -
- Next up was its hospitality operations, which drove an increase in PBT by 71% to S$55m.
- Investment properties suffered a loss before tax of S$27m and this was likely attributed to higher financing costs.
Hospitality operations expected to remain robust
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-03-01
Previous report by OCBC:
2024-02-01 City Developments - Valuations Still Low Notwithstanding Expected Asset Write-Downs.
Price targets by 4 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
