【CityDev C09 交流专区】城市发展 CITY DEVELOPMENTS LIMITED

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公司官网：http://www.cdl.com.sg/app/cdl/index.xml


城市发展：为寻找更理想的发展，进军海外市场
企业摘要 | 2014年05月15日
（译：麦美莹）
http://www.sharesinv.com/zh/articles/46840/

去年10月，新加坡被烟雾笼罩，市民纷纷抢购N95 口罩来把有害物质过滤掉。

许多国民，包括我在内，都希望在那段期间出国旅游，以免健康受影响。

同样地，如果一家公司在某个地域遇到困境，它也可能会选择向其他有较多发展机会的地方扩张，而城市发展(City Developments)就是其中一个例子。

城市发展是新加坡的一家大型住宅及商用物业发展商。其子公司千禧国敦酒店集团(Millennium & Copthorne Hotels Plc, 以下简称M&C)在全球拥有不少酒店，包括国敦河畔大酒店(Grand Copthorne Waterfront Hotel)。

城市发展的历来表现显示它的适应能力很强，并在每次的周期性经济低迷后，表现更佳。

可是，最近城市发展的盈利下跌至2009年次贷危机前的水平。



本地的住宅市场预期会遇上更大的逆风，因为一手市场及租赁市场的需求持续疲弱。我们注意到全岛的空置率从1Q13的5.2%飙升至4Q13的6.2%。



新加坡政府没有迹象会把冷却措施撤销，而城市发展的大部分盈利是来自其产业发展业务。

因此，一直以来代表着新加坡住宅市场的城市发展已经向海外市场迈开阔步，以减少新加坡政府对产业市场实施的冷却措施所带来的影响。



新增长模式
鉴于城市发展的财务稳健及负债比偏低，它正在加快步伐在海外市场收购物业。



估值
1. 净负债股本比为健康的25.5%水平，比大部份竞争者低出许多。



2. 目前的10.83元价位比其8.27元的净资产值高出31%



投资优势

财务强劲，现金及现金等值物达到28亿7,000万元；负债比维持在健康的20%及净负债股本比为25.5%。
城市发展的物业遍布在地里位置优越的地区，不但人流量高、靠近交通要塞及大型设施如购物商场。其办公楼组合在4Q13 的出租率为96.5%的健康水平，比市场平均的90.1%为高。
城市发展的适应能力一直以来都不错，在过去五十年来的周期性经济动荡中，它都能够强力回弹。
投资风险

城市发展目前是以高于净资产值(NAV)的31%交易，估值似乎偏高，因为其竞争者均以NAV折扣交易。
新加坡房地产领域的涨升空间有限，由于受限于近年来的严厉管制。
进军海外新领域可能会遇上不稳定的情况。
《股市资讯》的看法
尽管中至长期的展望并不乐观、新加坡房地产领域的涨升空间有限及公司目前的估值偏高，但城市发展的基础面相对强劲，过往的表现也不错。

公司把业务重点转移至海外市场，加上其负债比属于健康水平、拥有经验丰富的团队及投资产业大都位于策略性地点，因此，如果价位处于比较合适水平时，我有信心进场。

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City Developments profit falls 13% on lower property sales
Source: Bloomberg   |   Publish date: Wed, 14 May 19:02
http://www.theedgesingapore.com/the-daily-edge/business/48344-city-developments-profit-falls-13-on-lower-property-sales.html

City Developments, Singapore’s second-largest developer, posted a 13% decline in first- quarter profit on lower divestment gains from property holdings.

Net income fell to $119.7 million in the three months ended March 31, from $137.7 million a year earlier, as sales slid 5.4% to $734.2 million, the developer said in a statement to the stock exchange today. Profit from sales of investment properties dropped to $1.2 million from $31.5 million in the same period a year ago, according to the statement.City Developments, which hired Grant Kelley from Leon Black’s Apollo Global Management LLC as chief executive officer earlier this year, is seeking to expand overseas amid declining demand in Singapore. Home sales in the city-state fell to a three-month low in March following the government’s tougher housing curbs that led to first-quarter private residential prices declining the most in five years, government data showed.

“The Singapore residential market is expected to be cautious with moderated volumes,” City Developments said in a statement today. “During this subdued state coupled with the uncertainty of the global economic landscape, the group has taken deliberate efforts to put in place some longer term strategies” such as overseas expansion.

‘ACTIVELY SEEKING’
The developer is “actively seeking new opportunities in mature markets such as the U.S., Japan and Australia,” it said in the statement.

City Developments started marketing its Commonwealth Towers project this month, selling 66% of the 400 units released for sale from the total 845 units, the company said. The developer will start selling its 944-unit Coco Palms project later this month, it said.

The shares rose 0.2% to $10.8, while the benchmark Straits Times Index added 1.1%. The company reported earnings after the close of trading.

Singapore’s first-quarter home prices declined for a second consecutive quarter as tighter mortgages cooled demand in Asia’s second-most expensive housing market. An index tracking private residential prices fell 1.3% in the three months ended March 31, a government statement showed on April 25.