CITY DEVELOPMENT LTD .. NETT PROFIT SURGE AND TRADING WAY BELOW RNAV $19.461
City Developments Limited (CDL) reported a 32% y-o-y rise in Patmi to $87.8 million for 1HFY2024. The increase was supported by divestment gains as part of the group’s capital recycling efforts. The group achieved a lower revenue of $1.6 billion for 1H2024 versus (1HFY2023's $2.7 billion as the latter included a $1.0 billion contribution from Piermont Grand, which was recognised in its entirety when the executive condominium (EC) project obtained its Temporary Occupation Permit (TOP) in January 2023.
The investment properties and hotel operations segments saw a 21.3% and 10.8% increase in revenue for 1H2024, respectively. The increase in the investment properties segment was mainly driven by the investment properties acquired in 2023, such as St Katharine Docks and the living sector assets. Revenue for the hotel operations segment continued to increase steadily, with Revenue Per Available Room (RevPAR) growth across most regions
CDL shares are currently trading significantly below their intrinsic value despite the Company’s strong fundamentals.
CDL purchased 954,000 ordinary shares at an average price of S$5.75. This represents a discount of 43% to Net Asset Value (NAV) per share of S$10.12 and a discount of 70% to Revalued NAV per share of S$19.461 as at 31 December 2023
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City Developments Limited (CDL) reported a 32% year-on-year increase in PATMI (Profit After Tax and Minority Interests) to $87.8 million for the first half of FY2024. The rise in profit was supported by divestment gains from the group's capital recycling efforts. However, CDL's revenue for 1H2024 was lower at $1.6 billion compared to $2.7 billion in 1HFY2023. This decrease was mainly due to the absence of a $1.0 billion contribution from Piermont Grand, which was fully recognized in 1HFY2023 when the executive condominium (EC) project received its Temporary Occupation Permit (TOP) in January 2023.
In terms of revenue growth, CDL's investment properties segment witnessed a 21.3% increase, driven by properties acquired in 2023 such as St Katharine Docks and assets in the living sector. The hotel operations segment also saw a steady increase in revenue, with growth in Revenue Per Available Room (RevPAR) across most regions.
Despite the strong fundamentals, CDL shares are currently trading significantly below their intrinsic value. The company itself recognizes this and has been actively repurchasing its shares at an average price of S$5.75, which represents a discount of 43% to Net Asset Value (NAV) per share of S$10.12 and a discount of 70% to Revalued NAV per share of S$19.461 as at 31 December 2023.
I couldn't find any specific news articles or analytical reports related to CDL's net profit surge and trading below RNAV as mentioned in your input. However, based on the information provided, it seems that CDL's strong performance and undervalued share price could present a potential investment opportunity. It is important to conduct further research and analysis before making any investment decisions.
*Note: The information provided is for reference purposes only and does not constitute investment advice. Investing in stocks involves risks, including the potential loss of principal. Always do your own research and consider your investment objectives and risk tolerance before making any investment decisions.
CDL ranked as top real estate company in annual Global 100 listing and maintains recognition in leading global benchmarks
First and only Singapore company listed on the Global 100 Index for 15 consecutive years
Maintains its position as world’s most sustainable real estate company and Singapore’s most sustainable company for the sixth year
Maintained ‘AAA’ rating by MSCI’s 2023 ESG Research, since 2010
Double ‘A’s in the 2022 CDP Global A List for corporate climate action and water security
Regional and Industry top-rating for Sustainalytics’ 2024 ESG Risk Rating Report
Listed on the 2023 Bloomberg Gender-Equality Index for six consecutive years
China is also cutting interest rate and increase bank lending ratio etc
scoop Cdl while I is at decade.low !!!
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ROCKET STARTING!!! 🚀