City Developments - DBS Research 2025-08-14: A Clearer Path Forward

• City Developments reported 1H25 PATMI of S$91.2mil, up 3.9% y-o-y, weighed down by S$63.1mil in net FX losses from US$ depreciation. Excluding foreign exchange gain/ loss, PATMI would have surged 322.7% y-o-y to S$154.3mil.

Revenue grew 8.0% y-o-y to S$1.69bn in 1H25.

• - Read this at SGinvestors.io -
• Investment property revenue was stable (+0.4% y-o-y), supported by Republic Plaza, Jungceylon Shopping Center, and the UK and Japan living sector assets.
• - Read this at SGinvestors.io -
• Hotel operations were impacted by FX losses, inflationary pressures, weaker trading in Singapore and the US, leading to a pre-tax segment loss of S$84.4mil.
• A special interim dividend of 3.0 cents per share was declared.

Capital recycling remained a core driver.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2025-02-27 City Developments - Weathering The Temporary Storm.

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 Dividend Payout Dates & Corporate Actions,
City Developments News