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| 19-Aug-2024 09:19 |
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might dip below $5 post xd | ||||
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| 19-Aug-2024 08:41 |
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&lsquo Without a healthy planet, no people or business will thrive&rsquo : CDL&rsquo s chief sustainability officer
FOR Esther An and real estate giant City Developments Ltd (CDL), a job interview nearly 30 years ago in 1995 was transformative.
At the time, the company&rsquo s managing director, the late Kwek Leng Joo, asked the young An what she thought the real estate sector and CDL could do better. &ldquo I said that it could improve its environmental performance, and was hired to help it do that,&rdquo she recalled.
As CDL&rsquo s first chief sustainability officer, she quickly championed an ethos that still guides the company&rsquo s business practices today: &ldquo conserving as we construct&rdquo .
As the Singapore-headquartered company built and acquired homes, hotels, offices, malls and other properties &ndash it currently has assets in 29 countries and regions &ndash it also became a pioneer in sustainability.
In 2008, it was the first organisation in Singapore to begin publishing sustainability reports, and in 2017, it became the first local firm to issue a green bond. Proceeds from the bond were used to repay a loan spent on retrofitting and upgrading works at Republic Plaza, its headquarters, to maintain high levels of performance in energy and water management.
&ldquo At the time, we had to explain to local banks how green financing would work for buildings,&rdquo explained An. &ldquo Today, sustainable finance is becoming mainstream, and banks are well-versed in supporting green buildings and climate action.&rdquo
In 2024, CDL became the first corporate in Singapore to adopt the global Taskforce on Nature-related Financial Disclosures (TNFD) framework. In its latest sustainability report, the company set out its strategy and the actions it has taken to minimise its impact on nature as well as mitigate nature-related risks, among other TNFD-recommended disclosures.
These are only snapshots of CDL&rsquo s accomplishments and leadership in the sustainability space. In 2007, it launched a &ldquo 1 degree Celsius Up&rdquo campaign to encourage its tenants to raise their air-conditioning temperatures to save energy.
Over the years, CDL has also led green efforts such as energy-efficient retrofitting and initiatives that have helped the company save about S$42 million in energy costs from 2012 to 2023.
In 2014, CDL was the first Singapore real estate company to launch the green lease campaign for its tenants, with the support of the Building and Construction Authority. In 2017, it achieved 100 per cent participation from its retail and office tenants.
&ldquo In the early days of our sustainability journey, most in the built environment sector saw sustainability only as a cost,&rdquo said An. &ldquo Now, more businesses consider sustainability initiatives an important investment to generate long-term value, to reduce their climate-related risks, capture opportunities, and get ahead of environmental regulations. We&rsquo re glad that we started our environmental journey early and are pioneers in many areas, including reporting on TNFD, which we published in March this year.&rdquo
Four pillars of sustainability
An explained that real estate companies in particular have a social responsibility to reduce their carbon footprint, given that buildings and construction account for nearly 40 per cent of global greenhouse gas emissions. &ldquo Apart from new developments, it is crucial to better manage buildings and their operations, and continual efforts to retrofit older buildings are key because some 70 per cent of buildings that exist today will still be around in 2050.&rdquo
CDL has articulated four key pillars in its sustainability strategy: integration, innovation, investment and impact.
&ldquo Integration is critical to effectively embed sustainability into your business strategy and operations,&rdquo An shared, adding that innovation &ldquo enables you to accelerate change and impact by developing or adapting solutions&rdquo .
Meanwhile, investment is essential for deploying technologies and solutions for decarbonisation.
&ldquo Businesses with strong sustainability (strategies) and performance have better access to responsible investment and sustainable finance,&rdquo said An. &ldquo Most, if not all, companies need the support of banks and investors for long-term growth.&rdquo
As for impact, she pointed out that every business decision matters. &ldquo Everything we do has positive or negative consequences, or both. That is why sustainability reporting is essential.
&ldquo What you don&rsquo t measure, you don&rsquo t know, and what you don&rsquo t know, you can&rsquo t manage. If you want to improve performance and be future-ready, you need to identify and work on gaps.&rdquo
By tracking past and present performance, companies can embark on and hone their forward-looking scenario planning. &ldquo The cost of inaction can be substantial if companies are not prepared for the physical and transitional risks that lie ahead,&rdquo added An.
&ldquo CDL has conducted three rounds of climate change scenario studies since 2018. This has allowed us to gain insight into potential risks caused by more severe and frequent climate threats, new regulations and changing expectations of investors, financiers and insurance companies.&rdquo
Going green for the long haul
As CDL forges ahead in sustainability, it has always had the full support of its board and management. &ldquo Leadership commitment is key to sustainability integration. More companies have been stepping up on building or enhancing their sustainability capabilities in recent years,&rdquo An said. &ldquo To be effective, the sustainability portfolio needs to be empowered as an independent and dedicated unit for it to ensure that ESG (environmental, social and governance) standards can be integrated into every business and operational unit.&rdquo
She cautioned that &ldquo parking sustainability under the remit of risk management, finance or corporate communications is not advisable, as the expertise required is very different&rdquo .
CDL&rsquo s sustainability team reports only to the board sustainability committee, which comprises group chief executive officer Sherman Kwek and five independent directors.
&ldquo We are entrusted with a weighty task, and we need to be trusted and empowered to do our work well,&rdquo said An. She added that Kwek is dedicated to further enhancing CDL&rsquo s sustainability leadership by integrating it into the company&rsquo s growth, enhancement and transformation strategy.
&ldquo I think the fact that CDL is a listed company with Hong Leong Investment Holdings as its major shareholder is an advantage,&rdquo noted An.
&ldquo Like many successful global family businesses, it takes a long-term view to sustain growth by future-proofing its business for investors and generations to come.&rdquo
She is also doing her part to ensure the company&rsquo s continued care for the environment and pursuit of ESG excellence, by nurturing the next generation of sustainability leaders within the company and the community at large.
&ldquo I hire people who are passionate about sustainability, and help them to develop the skills and expertise they need. CDL has long been committed to raising awareness and building sustainable communities through its active stakeholder and community engagement programmes.&rdquo
She pointed out that the company&rsquo s Singapore Sustainability Academy &ndash the country&rsquo s first ground-up initiative on sustainability, which is supported by six government agencies and 15 founding industry and NGO partners &ndash has hosted more than 1,000 events and training courses for some 35,000 visitors since its opening in June 2017. &ldquo With a fast-growing network, the Academy is a strong force for positive change and impact,&rdquo said An.
For companies that have yet to move towards sustainability, she urges them to take the first step. &ldquo 2023 was the hottest year on record and 2024 is set to break this record. These severe climate conditions and events are threatening the survival of humanity.&rdquo
She added: &ldquo Some people have asked me why I remain positive, and what keeps me going after so many years. As a responsible citizen and a parent, I am concerned about the depleting natural resources and environmental degradation. We are living in an era of &lsquo global boiling&rsquo and time is ticking.
&ldquo There is real urgency to fast-forward collective action to fight climate change together. Without a healthy planet, no people or business will thrive.&rdquo
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| 15-Aug-2024 18:11 |
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OVERSOLD | ||||
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| 15-Aug-2024 17:43 |
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Hopefully may see some interesting developments or corporate activities before end 2024 .........
"CDL targets at least $1 bil in divestments this year" .......... https://www.theedgesingapore.com/news/property/cdl-targets-least-1-bil-divestments-year |
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| 15-Aug-2024 17:38 |
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https://sg.yahoo.com/news/singapore-home-sales-recover-in-july-with-more-developer-supply-071729441.html | ||||
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| 15-Aug-2024 16:11 |
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Yep NAV as per financial announcement around $10 per share But the Revalued NAV (RNAV) is around $19 per share So stripped stripped stripped, sell sell sell, better in my view - - - - - On March 8, CDL purchased 954,000 ordinary shares &mdash approximately 0.11% of CDL&rsquo s issued shares prior to the buyback &mdash at an average price of $5.75, representing a discount of 43% to net asset value (NAV) per share of $10.12 and a discount of 70% to the revalued NAV (RNAV) per share of $19.461 as at Dec 31, 2023.
Group CEO Sherman Kwek says: &ldquo Global equities have been hit by macroeconomic headwinds, resulting in depressed valuations. Our share buyback programme demonstrates our confidence in CDL&rsquo s strong fundamentals and growth potential.&rdquo
&ldquo Our shares are trading at a 70% discount to our RNAV and by acquiring our shares at value-accretive prices, it presents an attractive opportunity to deploy our capital into our portfolio which we know best. This move signals our commitment to strengthen our alignment with our shareholders,&rdquo he adds.
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| 15-Aug-2024 15:54 |
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Current NAV is $10
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| 15-Aug-2024 15:44 |
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I think their operation is bad and 在 吃 老 本 . | ||||
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| 15-Aug-2024 15:37 |
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Actually, I rather CDL stripped all their assets and sell individually They claimed RNAV as high as over $19 per share (?) in one of the recent announcement So just stripped the assets and sell even at discount is ok Or Reits more assets
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| 15-Aug-2024 15:29 |
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Based on the latest half-yearly financial report for August 2024 from City Developments Limited (CDL), here&rsquo s a summary of their financial status with a focus on profit growth excluding the S$87.8 million from divestments:
Conclusion: Excluding the one-time divestment gains, CDL' s profit growth would not be as strong, and it is likely that their core profitability may have experienced a dip or remained relatively flat due to the significant drop in revenue and challenges in the property development segment. The company&rsquo s reliance on divestment gains highlights underlying pressures in its operational performance.
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| 15-Aug-2024 15:00 |
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This I bought 5.61 for long term While been long term, see price weaken also sian Luckily bought with my long term fund City Dev ought do something like Capitaland Investment, restructure into a Holding Company As the investment community usually prescribe a higher valuation for a Holding Company, compared to a Property Development Company Beside Capitaland Investment, Boustead did that too (via a slightly different version) to unlock shareholders value Or Reits some of the properties la Issue is family-run |
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| 15-Aug-2024 14:43 |
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The price pattern for CDL is exactly the same as Venture...OK to not bad result than get flush...current price 508 is a nice price to enter but below $5 if it happens is a must buy...every share will benefit if US cuts ir, however property and reits which are ir sensitive should benefit most...also cdl has a sizable hospitality portion of biz as well so its not a one trick pony say like HKL | ||||
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| 15-Aug-2024 14:28 |
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How come this solid $10 stock is now being traded at around the fiver?? Something' s not right? right? MSCI? Why are funds quiting this blue cheep? What gives? |
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| 15-Aug-2024 14:04 |
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below $5 i will average
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| 15-Aug-2024 11:23 |
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Yes. Looking to buy below 5 golden dollars
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| 15-Aug-2024 11:18 |
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Could hit below $5? Looks likely...............................
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| 15-Aug-2024 11:17 |
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profit not up meh?
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| 15-Aug-2024 11:07 |
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i think bottom already | ||||
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| 15-Aug-2024 10:54 |
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CDL needs a non-family member as CEO. It will keep on declining as long as headed by present CEO. | ||||
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| 15-Aug-2024 10:48 |
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now even worse than Covid lows....all uncles damn angry. | ||||
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