- City Developments reported a subdued set of FY24 results, with revenue declining by 33.8% y-o-y to S$3,271.2m. This was attributed to the absence of contribution from the Piermont Grand Executive Condominium (EC) project, which was fully recognised in FY23 (S$1.5b) upon completion, coupled with the sale of a freehold land site in Shirokane, Tokyo in 3Q23.
FY24 PATMI was above our expectations but below the street’s.
- - Read this at SGinvestors.io -
- Overall PATMI was above our S$192.3m forecast but fell short of LSEG consensus estimates of S$274.4m.
Other segments besides property development saw an uplift in revenue.
- Although City Developments’ property development segment recorded a decline in revenue by 66.4% in FY24 as explained earlier, its other segments saw increased topline contribution. Revenue for its hotel operations and investment properties increased 8.2% and 11.2% respectively.
- - Read this at SGinvestors.io -
Net gearing ratio unchanged half-on-half at 69% (including fair value uplift on investment properties) but higher compared to end-FY23.
- 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/ 2025-02-27
Previous report by OCBC:
2024-08-15 City Developments - Subdued Capital Recycling Backdrop.
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
