City Developments Intrinsic Value Calculation – CITY DEVELOPMENTS Reports SGD 2.7 Billion Total Revenue in Q2 2023, Up 83.7% YoY
August 16, 2023
🌥️Earnings Overview
For the quarter ending June 30 2023, CITY DEVELOPMENTS ($SGX:C09) reported total revenue of SGD 2.7 billion, which was an increase of 83.7% compared to the same period in the previous fiscal year. In contrast, net income for the period was SGD 0.07 billion, a decrease of 93.8% year-on-year.
Analysis – City Developments Intrinsic Value Calculation
GoodWhale provides an in-depth analysis of CITY DEVELOPMENTS‘s financials. Our proprietary Valuation Line model estimates that the fair value of CITY DEVELOPMENTS’s share is around SG$11.6. Currently, the stock is traded at a price of SG$7.0, which is 39.5% below its calculated fair value. This indicates that the City Developments share is undervalued and presents a great opportunity for investors. GoodWhale provides users with the necessary insights to make informed decisions when it comes to investing. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for City Developments. More…
| Total Revenues | Net Income | Net Margin |
| 4.52k | 219.43 | 1.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for City Developments. More…
| Operations | Investing | Financing |
| 399.73 | -629.4 | 166.61 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for City Developments. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 22.79k | 13.33k | 10 |
Key Ratios Snapshot
Some of the financial key ratios for City Developments are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 15.9% | 23.4% | 17.7% |
| FCF Margin | ROE | ROA |
| 1.8% | 5.5% | 2.2% |
Peers
The company is engaged in the development, ownership, and management of properties in Singapore and around the world. City Developments is one of Singapore’s largest property developers by market capitalization, and it is also one of the country’s oldest property developers, with a history dating back to 1963. The company’s portfolio includes residential, commercial, retail, hospitality, and industrial properties. City Developments’ competitors include Redsun Properties Group Limited, Leading Holdings Group Limited, and UOL Group Limited.
– Redsun Properties Group Ltd ($SEHK:01996)
Redsun Properties Group Ltd is a leading property development company in Hong Kong with a market cap of 1.37B as of 2022. The company has a strong focus on developing high quality residential, commercial and mixed-use projects. It has a proven track record in delivering quality projects on time and on budget. The company’s return on equity (ROE) is 11.22%.
– Leading Holdings Group Ltd ($SEHK:06999)
Leading Holdings Group Ltd is a Chinese conglomerate with a market cap of 248.52M as of 2022. The company has a Return on Equity of 10.6%. Leading Holdings Group Ltd is involved in a variety of businesses, including real estate, construction, and hospitality. The company has a strong presence in China and is expanding its operations into other countries.
– UOL Group Ltd ($SGX:U14)
UOL Group Ltd is a real estate investment holding company based in Singapore. The Company’s businesses include property development and investment, hotel ownership and management, and the provision of management services. The Company’s segments include Property development, Property investment, Hotel ownership and management, and Others.
The Company’s property development business includes the development of residential, commercial, and industrial properties. The Company’s property investment business includes the investment in income-producing real estate assets, such as office buildings, shopping malls, serviced apartments, and hotels. The Company’s hotel ownership and management business includes the ownership and management of a portfolio of hotels in Singapore, Vietnam, and Australia. The Company’s other businesses include the provision of management services.
Summary
CITY DEVELOPMENTS reported a significant 83.7% increase in total revenue for the quarter ending June 30 2023 compared to the same period in the previous fiscal year. However, net income decreased by 93.8%, indicating that the high revenues did not necessarily translate to profits. As such, investors would need to further research into all the factors that could have led to this discrepancy, such as operational costs and changes in the competitive landscape before deciding whether to invest in CITY DEVELOPMENTS.
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