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CityDev
ETLee8
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28-Dec-2021 13:57     
 
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 Alert Admin 		It is very obvious that CDL is financially stretched.  Over the last few years, u will noticed that all their property development projects are on a 50-50% joint venture.
In safe SG, risk is very minimal, why not take all and earn more ???   
There are also many advanced announcements such as divestment, redevelopment, listing of REITs, ..etc  when is it happening ? 3 to 5 years down the road ???
It has to pay up $3.6B of unsecured loans within this year and with their $2.5B cash on hand, it is insufficient.

pasttime      ( Date: 28-Dec-2021 13:34) Posted:

cloudy.mountain, greetings.
it is true that redevelopmetn cost more then new build. however no businessman will redevelop if there is no profit. in the case of fuji xerox and central mall there are plot ratio to be gain after redevelopment. that is substaintial profit for redevelopment.  yes land is always a problem for developer. no land nothing to talk about development. so one see established developer try to build recurring income in other ways. like rental property, hotel, office, reak estate management. 
in he near future, increased government land sale will provide some opportunities. overseas we saw increased land bank in nz etc. so naturally debt is increased. but some people think high debt is  bad. so i think how to do land banking with very low or little cost. ----? reits, buy freehold sell as 99 years, etc the people in the trade are all cracking their head. land being in limited supply will always go up in price especially those in prime location.

cloudy.mountain      ( Date: 28-Dec-2021 00:11) Posted:

the idea about being weighed down by debt is not only a matter of a company' s publicly traded debt. it is also a matter of financing costs via bank borrowing. higher gearing means higher risks and banks are going to demand higher interest rates. whether this issue plays out for CDL, we will see come 2H21 and 1H22.

also, CDL' s big moves in the market is really focused on residential development in SG. this is also a way to recycle capital faster and ensure debt is paid down. however, how many residential developments can they undertake to recycle this capital? redevelopments (Fuji Xerox and Central Mall) are not gonna recycle cash as fast as residential condominium developments and yet redevelopments will likely cost much more (demolishment and then construction compared to GLS residential sites which involve construction only).
 


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pasttime
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28-Dec-2021 13:34     
 
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 Alert Admin 		cloudy.mountain, greetings.
it is true that redevelopmetn cost more then new build. however no businessman will redevelop if there is no profit. in the case of fuji xerox and central mall there are plot ratio to be gain after redevelopment. that is substaintial profit for redevelopment.  yes land is always a problem for developer. no land nothing to talk about development. so one see established developer try to build recurring income in other ways. like rental property, hotel, office, reak estate management. 
in he near future, increased government land sale will provide some opportunities. overseas we saw increased land bank in nz etc. so naturally debt is increased. but some people think high debt is  bad. so i think how to do land banking with very low or little cost. ----? reits, buy freehold sell as 99 years, etc the people in the trade are all cracking their head. land being in limited supply will always go up in price especially those in prime location.

cloudy.mountain      ( Date: 28-Dec-2021 00:11) Posted:

the idea about being weighed down by debt is not only a matter of a company' s publicly traded debt. it is also a matter of financing costs via bank borrowing. higher gearing means higher risks and banks are going to demand higher interest rates. whether this issue plays out for CDL, we will see come 2H21 and 1H22.

also, CDL' s big moves in the market is really focused on residential development in SG. this is also a way to recycle capital faster and ensure debt is paid down. however, how many residential developments can they undertake to recycle this capital? redevelopments (Fuji Xerox and Central Mall) are not gonna recycle cash as fast as residential condominium developments and yet redevelopments will likely cost much more (demolishment and then construction compared to GLS residential sites which involve construction only).
 

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ETLee8
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28-Dec-2021 10:33     
 
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 Alert Admin 		Institutions selling around $6.60-$6.70, they will buy back perhaps around $6.  Do not expect them to buy higher lah.
DYODD

tongphlp      ( Date: 28-Dec-2021 07:28) Posted:

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tongphlp
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28-Dec-2021 07:28     
 
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tongphlp
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28-Dec-2021 07:14     
 
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 Alert Admin


As of Jun 2021

Net debt/
equity (%)

Net debt/
total assets (%)

Interest coverage ratio (x)


GuocoLand Ltd

90.00

45.20

~1.94


Frasers Property Ltd

73.68

33.55

4.0


City Developments Ltd

98.56

37.19

2.5


UOL Group Ltd

28.75

19.83

12.0


OUE Ltd

39.91

25.91

2.1
Source: Company filings, Bloomberg Finance L.P. estimates, iFAST estimates. As of 30 June 2021.


RaymondCP      ( Date: 27-Dec-2021 14:45) Posted:

Some good analysis and comments.  Some quick views:
 
1.  UOL is indeed a good investment prospect.  Strong balance sheet, good diversification in terms of revenue and assets across different segments of hotels, commercial (Singland) and property development.   
 
2.  CDL does not revalue their investment properties and hotels, so they are recognised at cost or if valuation is lower than cost, they will recognised the lower valuation and book in the revaluation loss.  They do not book in any revaluation gains.  UOL on the other hand fully revalue their investment properties (but not their hotels I believe).   So for a like for like comparison, on a similar revaluation basis on investment properties only, CDL RNAV is S$ 14.22 as at June 2021 and UOL is at S$ 11.71.   
 
3.    What is also notable is that CDL&rsquo s hotel portfolio which is stated at cost or lower of valuation.  Revaluing the hotel portfolio, CDL&rsquo s RNAV will be S$ 17 as at Jun 2021.  The entire hotel portfolio is largely fully owned (less those held by CDL hospitality trust and funds) and CDL is able to exercise full control over the portfolio.  As a clear illustration of this untapped off the balance sheet impact is from the recent sale of the Hilton Seoul &ndash sales value of S$ 1.26b but yet the carrying historical book value of the assets was only S$ 300m. The gross gains is a massive S$ 960m (net gain S$ 530m after taxes, etc).  But this sale is a clear example of the how much NAV and cashflow can be gained from monetising CDL&rsquo s non-revalued balance sheet.  The hotel portfolio is now fully owned so CDL has full discretion on how to manage it.  Hilton Seoul was the 3rd hotel to be divested since CDL bought full ownership of M& C.  Understand there are plans to monetise more underperforming assets in future.  And the Seoul hotel is not a distressed sale but the high end hotel markets has been challenged in recent years and there has been many asset changing hands in 2021, for repositioning.  Seoul is losing hotels big and small amid protracted pandemic crisis - 매 일 경 제 영 문 뉴 스 펄 스 (Pulse) (pulsenews.co.kr) 
 
4.    CDL&rsquo s gross and debt is high and a concern.  But liquidity should not be a concern.  You could see from the trading of CDL&rsquo s bonds that there is no concern on liquidity or the company.  Its bonds such as the SGD 400m tranche due May 2024, bid YTM is 2.163%, below the coupon of 2.958%.  Its June 2026 bond is asking about 2.5% YTM.  Assets monetisation (Seoul hotel, IPO of UK commercial Reit), untapped credit lines, continued recovery of the hospitality segment, etc will support liquidity and improve debt profile.
 
5.  Holding over long term, there could be value to CDL.  Short term there will be continued uncertainties weighing on share price eg. impact on Singapore property cooling measures, rising construction cost, delay in reopenings which may impact hospitality sector globally, etc.
 
 

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pasttime
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28-Dec-2021 07:04     
 
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 Alert Admin 		next stop.    block chain real estate crypto is the big thing that is changing from concept, to ponzi, to taking shape, to trust
and now gaining popularity as a way for buyer, seller and investor to know more about property and transac.
many way to use crypto in real estate. one way is to inject a project into a business, sell it by crypto units
that the business create. income of business via rental. income used to buy back some crypto and fund future projects.
distribute the buyback crypto as dividend to current owner of crypto.    like there must be an engine of income, distribution.
in this way no need to raise loan, just issue crypto at the start of project for cash. as the project progress, the crypto will 
increased in value. business will continue control of the project and can build property management income. other services
like delivery into the projects, security etc.
one thai co tech company was reported to have jump up a lot by just saying they going into mining. but if one can issue your own crypto 
units it will be much more powderful  then mining.
eat full full talk only. for your entertainment.
dyodd
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cloudy.mountain
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28-Dec-2021 00:11     
 
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 Alert Admin 		the idea about being weighed down by debt is not only a matter of a company' s publicly traded debt. it is also a matter of financing costs via bank borrowing. higher gearing means higher risks and banks are going to demand higher interest rates. whether this issue plays out for CDL, we will see come 2H21 and 1H22.

also, CDL' s big moves in the market is really focused on residential development in SG. this is also a way to recycle capital faster and ensure debt is paid down. however, how many residential developments can they undertake to recycle this capital? redevelopments (Fuji Xerox and Central Mall) are not gonna recycle cash as fast as residential condominium developments and yet redevelopments will likely cost much more (demolishment and then construction compared to GLS residential sites which involve construction only).
 
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ETLee8
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27-Dec-2021 23:07     
 
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 Alert Admin 		RNAV can fluates depending on time n demand with inputs from " professional" valuers.
CDL:
The Group has an established control framework with respect to the measurement of fair values. This includes a team that regularly reviews significant unobservable inputs and valuation adjustments and reports to the Group Chief Financial Officer who has overall responsibility for all significant fair value measurements. If third party information, such as broker quotes or independent valuers&rsquo report, is used to measure fair values, then the team assesses and documents the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of SFRS(I), including the level in the fair value hierarchy in which the valuations should be classified. Significant valuation issues are reported to the Group&rsquo s Audit Committee and Board of Directors. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: &bull Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. &bull Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). &bull Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement (with Level 3 being the lowest). The Group recognises transfers between levels of the fair value hierarchy as of the end of the reporting period during which the change has occurred.

Valuation of investment properties
The Group&rsquo s investment properties include its commercial portfolio held for rental income (comprising office, retail, industrial and residential for lease), as well as hotels that are under the master lease structure, which earn rental income. The Group adopts a conservative accounting policy to account for its investment properties, at cost less accumulated depreciation and impairment losses vis-à -vis the fair value model for investment properties. In arriving at the fair value of the commercial portfolio, the Group had carried out in-house valuations for its Singapore properties. The overseas properties and hotels held by CDLHT that are classified as investment properties are based on valuations as at 31 December 2020. The valuations were based on the direct comparison and income capitalisation methods. The direct comparison method involves an analysis of comparable sales of similar properties and adjusting the transacted prices to those reflective of the investment properties of the Group. The income capitalisation method capitalises an income stream into a present value using revenue multipliers or single-year capitalisation rates. The Group has considered the headroom over fair value for most assets in the commercial portfolio and is of the view that there is no impairment loss as at 30 June 2021 for its investment properties. 

RaymondCP      ( Date: 27-Dec-2021 14:45) Posted:

Some good analysis and comments.  Some quick views:
 
1.  UOL is indeed a good investment prospect.  Strong balance sheet, good diversification in terms of revenue and assets across different segments of hotels, commercial (Singland) and property development.   
 
2.  CDL does not revalue their investment properties and hotels, so they are recognised at cost or if valuation is lower than cost, they will recognised the lower valuation and book in the revaluation loss.  They do not book in any revaluation gains.  UOL on the other hand fully revalue their investment properties (but not their hotels I believe).   So for a like for like comparison, on a similar revaluation basis on investment properties only, CDL RNAV is S$ 14.22 as at June 2021 and UOL is at S$ 11.71.   
 
3.    What is also notable is that CDL&rsquo s hotel portfolio which is stated at cost or lower of valuation.  Revaluing the hotel portfolio, CDL&rsquo s RNAV will be S$ 17 as at Jun 2021.  The entire hotel portfolio is largely fully owned (less those held by CDL hospitality trust and funds) and CDL is able to exercise full control over the portfolio.  As a clear illustration of this untapped off the balance sheet impact is from the recent sale of the Hilton Seoul &ndash sales value of S$ 1.26b but yet the carrying historical book value of the assets was only S$ 300m. The gross gains is a massive S$ 960m (net gain S$ 530m after taxes, etc).  But this sale is a clear example of the how much NAV and cashflow can be gained from monetising CDL&rsquo s non-revalued balance sheet.  The hotel portfolio is now fully owned so CDL has full discretion on how to manage it.  Hilton Seoul was the 3rd hotel to be divested since CDL bought full ownership of M& C.  Understand there are plans to monetise more underperforming assets in future.  And the Seoul hotel is not a distressed sale but the high end hotel markets has been challenged in recent years and there has been many asset changing hands in 2021, for repositioning.  Seoul is losing hotels big and small amid protracted pandemic crisis - 매 일 경 제 영 문 뉴 스 펄 스 (Pulse) (pulsenews.co.kr) 
 
4.    CDL&rsquo s gross and debt is high and a concern.  But liquidity should not be a concern.  You could see from the trading of CDL&rsquo s bonds that there is no concern on liquidity or the company.  Its bonds such as the SGD 400m tranche due May 2024, bid YTM is 2.163%, below the coupon of 2.958%.  Its June 2026 bond is asking about 2.5% YTM.  Assets monetisation (Seoul hotel, IPO of UK commercial Reit), untapped credit lines, continued recovery of the hospitality segment, etc will support liquidity and improve debt profile.
 
5.  Holding over long term, there could be value to CDL.  Short term there will be continued uncertainties weighing on share price eg. impact on Singapore property cooling measures, rising construction cost, delay in reopenings which may impact hospitality sector globally, etc.
 
 

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tongphlp
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27-Dec-2021 15:47     
 
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 Alert Admin 		Citi traders stil on X' mas break...yawn...

tongphlp      ( Date: 27-Dec-2021 05:15) Posted:

Let' s see if Citi meant what they say....see how the price performs today...

PhillipTan      ( Date: 26-Dec-2021 23:27) Posted:

Citi recommends buying CDL and UOL on share price weakness after cooling measures announced

Citi Research analyst Brandon Lee has recommended investors buy into City Developments Limited (CDL) and UOL on the current weakness in both counters' share prices.

Property counters on the Singapore Exchange (SGX) declined in the morning of Dec 16 as the government announced another round of property cooling measures in the wee hours of Dec 15.

According to Lee, the kneejerk negative share price reaction to CDL and UOL are expected to be in the region of between 3% to 8%, which are similar to the drop seen during the cooling measures announced in January 2013.

That said, the drop won' t emulate the 14% to 16% dip following the July 2018 measures given the counters' cheaper valuations at present.

In his report dated Dec 15, Lee says he expects a " benign" impact on prices although he expects the en-bloc market to be dampened.

" With [the] removal of policy overhang, we recommend buying both stocks on [share price] weakness," he writes.

Lee has pegged a target price of $11.02 for CDL, which is set at a 25% discount to its revised net asset value (RNAV) of $14.69, " similar to where it traded at during the past few global downcycles" .

That said, the drop won' t emulate the 14% to 16% dip following the July 2018 measures given the counters' cheaper valuations at present.

In his report dated Dec 15, Lee says he expects a " benign" impact on prices although he expects the en-bloc market to be dampened.

" With [the] removal of policy overhang, we recommend buying both stocks on [share price] weakness," he writes.

Lee has pegged a target price of $11.02 for CDL, which is set at a 25% discount to its revised net asset value (RNAV) of $14.69, " similar to where it traded at during the past few global downcycles" .

UOL' s potential downside risks stem from a cap rate expansion amid rising interest rates, a sharp economic slowdown, a fall in tourist arrivals and corporate demand, and a prolonged period of existing cooling measures.

On the impact on the physical property market, Lee expects primary volumes to fall between 25% to 30% to 800 to 900 units per month, down from the existing 1,100 to 1,200 units a month in the near-term.

This is mainly due to the reduction of overall investment demand, which currently makes up 20% to 30% of volumes as well as decreased demand from Singapore PRs and foreigners (which average around 10% to 15% of volumes each) due to the higher additional buyers' stamp duty (ABSD) fees.

" However, similar to impact from previous measures, we think volumes could normalize to 900-1,000 units after 3-6 months, after buyers acclimatise to the measures amid still-strong fundamentals of the residential market and soft interest rates," says Lee.

" With a recovering economy and improving household incomes, we expect [a] limited impact to prices," he adds, noting that prices inched down some 0.7% over two quarters before rebounding following the announcement of the cooling measures in July 2018.

" The nascent recovery in [the] en-bloc market could be reasonably impacted with higher ABSD for entities, which alongside larger land supply, should mitigate further spike in land prices. We forecast number of Confirmed List sites could expand from [around] 3,500 units (average from 2019-2021) to [some] 5,600 units (average from 2014-2018)," he continues.

 


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pasttime
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27-Dec-2021 15:34     
 
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 Alert Admin 		the korea hilton sale shows that hotel in good locations need not be value or view as hotel only.
it can always be changed into other type of property of higher value (after neccessary changes on used)
look at all the cdl hotels in prime locations. what is their real worth ?
on daily,monthly charts, 6.58 looks like triple bottom has formed.
it is basically a range of roughly between 6.58 to 8.18.    little downside versus upside for short term traders.
once 8.18 is broken and turn support it will be in a new range.chart is the most misterious thing, most read the same
but the true only time can tell.
dyodd. 
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RaymondCP
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27-Dec-2021 14:45     
 
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 Alert Admin 		Some good analysis and comments.  Some quick views:
 
1.  UOL is indeed a good investment prospect.  Strong balance sheet, good diversification in terms of revenue and assets across different segments of hotels, commercial (Singland) and property development.   
 
2.  CDL does not revalue their investment properties and hotels, so they are recognised at cost or if valuation is lower than cost, they will recognised the lower valuation and book in the revaluation loss.  They do not book in any revaluation gains.  UOL on the other hand fully revalue their investment properties (but not their hotels I believe).   So for a like for like comparison, on a similar revaluation basis on investment properties only, CDL RNAV is S$ 14.22 as at June 2021 and UOL is at S$ 11.71.   
 
3.    What is also notable is that CDL&rsquo s hotel portfolio which is stated at cost or lower of valuation.  Revaluing the hotel portfolio, CDL&rsquo s RNAV will be S$ 17 as at Jun 2021.  The entire hotel portfolio is largely fully owned (less those held by CDL hospitality trust and funds) and CDL is able to exercise full control over the portfolio.  As a clear illustration of this untapped off the balance sheet impact is from the recent sale of the Hilton Seoul &ndash sales value of S$ 1.26b but yet the carrying historical book value of the assets was only S$ 300m. The gross gains is a massive S$ 960m (net gain S$ 530m after taxes, etc).  But this sale is a clear example of the how much NAV and cashflow can be gained from monetising CDL&rsquo s non-revalued balance sheet.  The hotel portfolio is now fully owned so CDL has full discretion on how to manage it.  Hilton Seoul was the 3rd hotel to be divested since CDL bought full ownership of M& C.  Understand there are plans to monetise more underperforming assets in future.  And the Seoul hotel is not a distressed sale but the high end hotel markets has been challenged in recent years and there has been many asset changing hands in 2021, for repositioning.  Seoul is losing hotels big and small amid protracted pandemic crisis - 매 일 경 제 영 문 뉴 스 펄 스 (Pulse) (pulsenews.co.kr) 
 
4.    CDL&rsquo s gross and debt is high and a concern.  But liquidity should not be a concern.  You could see from the trading of CDL&rsquo s bonds that there is no concern on liquidity or the company.  Its bonds such as the SGD 400m tranche due May 2024, bid YTM is 2.163%, below the coupon of 2.958%.  Its June 2026 bond is asking about 2.5% YTM.  Assets monetisation (Seoul hotel, IPO of UK commercial Reit), untapped credit lines, continued recovery of the hospitality segment, etc will support liquidity and improve debt profile.
 
5.  Holding over long term, there could be value to CDL.  Short term there will be continued uncertainties weighing on share price eg. impact on Singapore property cooling measures, rising construction cost, delay in reopenings which may impact hospitality sector globally, etc.
 
 
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tongphlp
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27-Dec-2021 14:12     
 
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 Alert Admin 		one forumer' s view : heading lower towards 6.55....DYODD
 
Image 1
 
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pasttime
Supreme
27-Dec-2021 12:48     
 
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 Alert Admin 		institutions net sell end of year is normal. they need to close book, to show profit and declare bonus.
this is also the best time to buy good stock at low price. lesser competitions.
come new year they will be back at the counters they selected for the year.
all these chase ghost out chase ghost in every year, no need to worry too much one. also no way to win them as their money 
a lot.enough to move in directions they want. net net retailers buy more then instutions sell but price goes down.

if it is sell that they want to do, they will push up the price to get better value.
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ETLee8
Master
27-Dec-2021 11:32     
 
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 Alert Admin 		Institutions sell CDL to Retailers Lor.  Obvious right.

tongphlp      ( Date: 27-Dec-2021 10:59) Posted:

Week of 13 Dec 2021          
Institutional investors net sell (-S$168.6m) vs. (-S$88.9m) a week ago      
Retail investors net buy (+S$170.2m) vs. (+S$125.9m) a week ago      
           
Top 10 Institution Net Buy (+) Stocks (S$M) Stock Code Week of 13 Dec 2021 Top 10 Institution Net Sell (-) Stocks (S$M) Stock Code Week of 13 Dec 2021
DBS D05 55.3 ST Engineering S63 (29.2)
UOB U11 23.0 SGX S68 (26.7)
Keppel DC REIT AJBU 14.8 Singtel Z74 (25.9)
SPH T39 10.7 ComfortDelGro C52 (18.5)
CapitaLand China Trust AU8U 5.1 Ascendas REIT A17U (17.8)
AEM Holdings AWX 4.0 City Developments C09 (14.4)
Geo Energy Resources RE4 3.8 CapitaLand Integrated Commercial Trust C38U (14.0)
Ascott Residence Trust HMN 3.5 Mapletree Logistics Trust M44U (10.2)
Grand Venture Technology JLB 3.2 Genting Singapore G13 (9.4)
Lendlease Global Commercial REIT JYEU 2.9 Mapletree Commercial Trust N2IU (9.2)
           
           
Top 10 Retail Net Buy (+) Stocks (S$M) Stock Code Week of 13 Dec 2021 Top 10 Retail Net Sell (-) Stocks (S$M) Stock Code Week of 13 Dec 2021
CapitaLand Integrated Commercial Trust C38U 30.8 DBS D05 (44.1)
Singtel Z74 19.9 UOB U11 (18.6)
Ascendas REIT A17U 17.2 SPH T39 (14.0)
City Developments C09 16.2 Keppel DC REIT AJBU (4.3)
ComfortDelGro C52 15.0 Geo Energy Resources RE4 (3.7)
ST Engineering S63 13.4 Grand Venture Technology JLB (3.0)
SIA C6L 12.1 Riverstone Holdings AP4 (2.3)
Frencken Group E28 10.4 Metech International V3M (2.0)
Genting Singapore  G13 8.1 Lendlease Global Commercial REIT JYEU (1.6)
UMS Holdings 558 7.6 Sheng Siong Group OV8 (1.3)

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tongphlp
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27-Dec-2021 10:59     
 
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 Alert Admin
Week of 13 Dec 2021          
Institutional investors net sell (-S$168.6m) vs. (-S$88.9m) a week ago      
Retail investors net buy (+S$170.2m) vs. (+S$125.9m) a week ago      
           
Top 10 Institution Net Buy (+) Stocks (S$M) Stock Code Week of 13 Dec 2021 Top 10 Institution Net Sell (-) Stocks (S$M) Stock Code Week of 13 Dec 2021
DBS D05 55.3 ST Engineering S63 (29.2)
UOB U11 23.0 SGX S68 (26.7)
Keppel DC REIT AJBU 14.8 Singtel Z74 (25.9)
SPH T39 10.7 ComfortDelGro C52 (18.5)
CapitaLand China Trust AU8U 5.1 Ascendas REIT A17U (17.8)
AEM Holdings AWX 4.0 City Developments C09 (14.4)
Geo Energy Resources RE4 3.8 CapitaLand Integrated Commercial Trust C38U (14.0)
Ascott Residence Trust HMN 3.5 Mapletree Logistics Trust M44U (10.2)
Grand Venture Technology JLB 3.2 Genting Singapore G13 (9.4)
Lendlease Global Commercial REIT JYEU 2.9 Mapletree Commercial Trust N2IU (9.2)
           
           
Top 10 Retail Net Buy (+) Stocks (S$M) Stock Code Week of 13 Dec 2021 Top 10 Retail Net Sell (-) Stocks (S$M) Stock Code Week of 13 Dec 2021
CapitaLand Integrated Commercial Trust C38U 30.8 DBS D05 (44.1)
Singtel Z74 19.9 UOB U11 (18.6)
Ascendas REIT A17U 17.2 SPH T39 (14.0)
City Developments C09 16.2 Keppel DC REIT AJBU (4.3)
ComfortDelGro C52 15.0 Geo Energy Resources RE4 (3.7)
ST Engineering S63 13.4 Grand Venture Technology JLB (3.0)
SIA C6L 12.1 Riverstone Holdings AP4 (2.3)
Frencken Group E28 10.4 Metech International V3M (2.0)
Genting Singapore  G13 8.1 Lendlease Global Commercial REIT JYEU (1.6)
UMS Holdings 558 7.6 Sheng Siong Group OV8 (1.3)
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tongphlp
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27-Dec-2021 10:26     
 
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 Alert Admin 		that' s why analysts call for buy....so they can sell to retails:)

ETLee8      ( Date: 27-Dec-2021 08:25) Posted:

Bro, Debt is very important to any company.  True asset is important too.
For that UOL is the much preferred as it' s NAV is way above CDL.

UOL NAV is $11.76
CDL NAV is $9.22

UOL low debt level, higher NAV and fully backed by UOB is the preferred porperty counter
CDL extremely high debt level, lower NAV and with many negative impact still pending is NOT recommended now.

FYI, All property consultants (Orang Tee, Edmund Tie, ...Propnex..)will normally say good things on property counters as their business depends on it.
Eg. if u own a food business, u would not say yr food is no good.

DYODD

pasttime      ( Date: 25-Dec-2021 22:15) Posted:

bro ETLee8, Merry Christmas.

u have gone thru cdl financials. what is your view of their asset. is it less, more, or much more then debt?
  few will form opinion about the financial health of an entity by looking at one side of financial alone.

one will also not just compare a person to be better or worse financially by the debt level they have against one another. it must be a balance view. debt versus asset. quite a few ratio were developed by financial people. like current ratio , quick ratio.

where do you think the hotel industry will be in 1 year time? worse, same or better then current?

best of luck bro
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tongphlp
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27-Dec-2021 09:31     
 
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 Alert Admin

Evergrande vows to ensure delivery of 39,000 apartments in Dec

MON, DEC 27, 2021 - 7:22 AM
 
  UPDATED MON, DEC 27, 2021 - 7:27 AM

https://www.businesstimes.com.sg/real-estate/evergrande-vows-to-ensure-delivery-of-39000-apartments-in-dec
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tongphlp
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27-Dec-2021 09:04     
 
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COMMENTARY

With troubles behind it, CDL can enter 2022 with a spring in its step

TUE, DEC 14, 2021 - 5:50 AM
 
  UPDATED TUE, DEC 14, 2021 - 6:02 AM

https://www.businesstimes.com.sg/companies-markets/with-troubles-behind-it-cdl-can-enter-2022-with-a-spring-in-its-step
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ETLee8
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27-Dec-2021 08:25     
 
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 Alert Admin 		Bro, Debt is very important to any company.  True asset is important too.
For that UOL is the much preferred as it' s NAV is way above CDL.

UOL NAV is $11.76
CDL NAV is $9.22

UOL low debt level, higher NAV and fully backed by UOB is the preferred porperty counter
CDL extremely high debt level, lower NAV and with many negative impact still pending is NOT recommended now.

FYI, All property consultants (Orang Tee, Edmund Tie, ...Propnex..)will normally say good things on property counters as their business depends on it.
Eg. if u own a food business, u would not say yr food is no good.

DYODD

pasttime      ( Date: 25-Dec-2021 22:15) Posted:

bro ETLee8, Merry Christmas.

u have gone thru cdl financials. what is your view of their asset. is it less, more, or much more then debt?
  few will form opinion about the financial health of an entity by looking at one side of financial alone.

one will also not just compare a person to be better or worse financially by the debt level they have against one another. it must be a balance view. debt versus asset. quite a few ratio were developed by financial people. like current ratio , quick ratio.

where do you think the hotel industry will be in 1 year time? worse, same or better then current?

best of luck bro.

ETLee8      ( Date: 24-Dec-2021 10:50) Posted:

As I slowly going through all the financials of all the SG property companies, I realised that CDL' s Financials at the moment is the worst of all of them.
A market capitalisation of about $6B, with outstanding loans unsecured loans of $12.6B not counting secured loans is mind bogggling.
Its peers UOL has about $2.6B unsecured loans, Bukit Sembawang has only $250M unsecured loans, Ho Bee Land has no unsecured loans all loans are secured, even Chip Eng Seng has very negligible unsecured loans, .. the list can continue 
CDL is my favourite and most people of my generation has a very good confidence in the counter.  However this is the new millenium where the investors are young and do not care about past accolades.
Trade with care, I see it weakening to $6 before any recovery starts ...
DYOD
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tongphlp
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27-Dec-2021 06:09     
 
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Top Stock Highlights of the Week: City Developments Limited, Grand Venture and Nanofilm Technologies

We take a look at a blue-chip property developer, a manufacturing service provider and a cutting-edge producer of nanoproducts.
Royston YangBy  December 25, 2021Updated:December 24, 20214 Mins Read

https://thesmartinvestor.com.sg/top-stock-highlights-of-the-week-city-developments-limited-grand-venture-and-nanofilm-technologies/
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Thanks for joining us once again where we bring you quick highlights and snippets from three companies.

City Developments Limited (SGX: C08)

City Developments Limited, or CDL, has acquired a 250-year leasehold site for S$11.8 million in Birmingham&rsquo s Paradise precinct as part of its expansion into the UK Private Rented Sector (PRS).

Comprising 16,760 square feet, the site will be developed into a residential tower with 370 build-to-rent units.

Known as the &ldquo Octagon Building&rdquo , it will be the group&rsquo s third PRS project in the UK since 2019 and will be developed into a 49-storey octagonal tower with apartments, a retail unit, as well as concierge services and other amenities.

The total development cost amounts to approximately S$200 million and the project should be completed in 2025.

This acquisition and development will enhance CDL&rsquo s recurring income segment once completed and also improve the quality of CDL&rsquo s PRS portfolio.

The PRS segment in the UK has shown its resilience during the pandemic and is less affected by cyclicality compared to other property sub-classes.

CDL intends to scale up its UK PRS portfolio in key regional cities to augment its recurring income stream.

Aside from the UK, CDL also has five PRS projects in Japan&rsquo s Osaka and Yokohama.

The group intends to further expand its PRS portfolio in locations such as Australia.

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