- City Developments’s 2024 results missed our and consensus estimates. However, this was overshadowed by news of a very public leadership tussle that has caused us to downgrade the stock to a HOLD.
- - Read this at SGinvestors.io -
Results missed our & consensus estimates...
- City Developments reported 2024 revenue of S$3.3b for 2024 (-34% y-o-y) and PATMI of S$201m (-37% y-o-y), dragged by timing of revenue recognition in its Singapore property development segment, delays in certain construction projects, as well as higher-than-expected interest cost.
- A final dividend of S$0.08/share was declared, bringing full-year City Developments's dividends to S$0.10/share (2023: S$0.12/share).
… but were unarguably overshadowed by news of a boardroom tussle.
- - Read this at SGinvestors.io -
- According to the chairman, the suit is meant to address “an attempted ‘coup’ and to restore corporate integrity”, and we understand that he had sought to remove his son as CEO in early-Feb 25.
Balance sheet remains weak with interest cost a major burden.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Adrian LOH UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-02-27
Previous report by UOB:
2024-08-15 City Developments - Worse-Than-Expected Results.
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
