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| City Developments From a technical view, the stock might be forming a " Head & Shoulder" pattern. A penetration on the downside from its neckline would trigger a bearish acceleration towards around 9.5. Furthermore, the RSI is mixed to bearish. In these perspectives, below 10.58, look for further decline to 10 and 9.5 as possible. |
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Short term bearish for City Development. Now need to see whether the neckline become resistance and $10.00 support can hold.
http://mystocksinvesting.com/singapore-stocks/city-development/city-development-head-shoulder-in-formation/
City Developments ST: eye 9.8
2014-05-28 22:17:00
The configuration is negative.
Our pivot point stands at 10.8.
Our preference: eye 9.8.
Alternative scenario: the upside breakout of 10.8 would call for 11.2 and 11.4.
Comment: the RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the stock is trading under its 20 day MA (10.64) but above its 50 day MA (10.33).
Supports and resistances:
11.4 **
11.2 *
10.8 **
10.7
10.50 last
10.1
9.8 **
9.6 *
9.4 **
Published May 19, 2014
CDL cuts prices for Coco Palms launch
82% of 600 units available at weekend launch have been sold
Coco Palms: Is a 99-year leasehold project with units ranging from 463 sq ft one-bedroom units to 3,111 sq ft penthouses
CITY Developments (CDL) sold most of its launch units in the Coco Palms project over the weekend after trimming the price tag, the developer said yesterday.
Coco Palms, a joint venture between CDL and Hong Realty (Pte) Ltd, sold about 490 units at an average price of $980 per square foot (psf) as at 3pm yesterday. The number of units sold represents 82 per cent of the 600 units available at the weekend launch, or 52 per cent of the 944 units in the entire development.
Separately, a representative for Aspial Corp subsidiary World Class Land said that its Waterfront@Faber project sold 80 units, but declined to disclose how many units were offered for launch. Against the project' s entire stock, the developer sold 38 per cent of the 210 units in the entire development.
CDL said that it sold the Coco Palms units below initial expectations.
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Top 5 Analysts&rsquo Calls For The Week
16 May 2014
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- City Developments Limited (Target Price:$8.72) SELL
- 1Q14 revenues fell 5.4 percent to $734.2 million due to a lower contribution from the property development segment. 1Q14 PATMI came in at $119.7 million, down 13.1 percent year on year.
- Difficult conditions in domestic housing market with moderated volumes ahead already in 4Q13 we saw sales volumes (excluding ECs) slowing 32.1 percent quarter on quarter.
- Management&rsquo s strategy of accelerating its diversification into overseas growth markets is sound but a meaningful repositioning would likely take some time.
By: OCBC Research
City Developments (RD
▼ , TP:S$9.66▲ ) - Mixed results high valuation # CityDev (CIT) has announced a mixed set of results with 1Q core net profit largely in line at 23% of our FY14 forecast. On the back of a slowdown in the sales of existing projects, coupled with the recent outperformance in its share price,
we downgrade CIT to Reduce from Hold. Our target price is slightly higher at S$9.66 (unchanged at 25% discount to RNAV) as we fine-tune our EPS estimates to account for a slightly stronger performance by M& C and CDL-HT.
1Q14 results missed as net profit dropped to $119.7m (-13% y/y, -46% q/q), on softer revenue of $734.2m (-5.4%)
Published May 14, 2014
CDL' s Q1 net profit down 13% at S$119.7m
City Developments Ltd (CDL) posted a net profit of S$119.7 million for the first quarter ended March 31, 2014, down 13.1 per cent from the same period last year. Revenue was 5.4 per cent lower at S$734.2 million - PHOTO: SPH
The reduced bottom line was chiefly due to gains from disposal of strata units in Elite Industrial Building I, Elite Industrial Building II and Citimac Industrial Complex in Q1 2013.
In terms of pre-tax profits, the property development segment, the top contributor, remained relatively on par with the corresponding period of last year, despite achieving lower revenue. This was due to maiden profit contribution from joint-venture projects, namely Bartley Ridge, The Inflora and Echelon as well as higher contribution from Bartley Residences.
" The rental properties segment, though second in line, reported much lower earnings due to the absence of the aforesaid divestment gains," CDL said on Wednesday.
CityDev: Looking Overseas In Search Of Greener Pastures?
Investment Merits
- Strong balance sheet with cash and cash equivalents of $2.9 billion and healthy gearing ratio at 20% and net debt to equity ratio at 25.5%.
- CityDev has an extensive array of well-positioned sites with high human traffic, proximate to various transportation route and infrastructure as well as shopping malls. In 4Q13, CityDev' s office portfolio enjoyed healthy occupancy rate of 96.5%, higher than market average of 90.1%.
- CityDev has a proven track record of resilience and of emerging stronger from periodic economic turbulence over the past five decades.
Investment Risks
- Current price may seem overvalued at a 31% premium to NAV, significantly much more than its competitors which are trading at a discount to their NAV.
- Limited upside in the real estate sector in Singapore, due to tighter regulatory constraints in recent years.
- Market uncertainty when expanding into new frontiers.
more ...last:$10.80...
Cannot short any property stocks at the moment, all looks bullish.
http://mystocksinvesting.com/singapore-stocks/capitaland/ftse-st-real-estate-index-april-2014-review/
ytoh1688 ( Date: 22-Apr-2014 09:32) Posted:
also the mkt seem generally bullish so I think its probably not an enviroment to be shorting at the moment
ytoh1688 ( Date: 22-Apr-2014 09:24) Posted:
bollinger band looks like just constricted and abt to shoot up strongly upwards. i wd wait
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There is a writeup in The Straits Times dated 22 April 2014 on Page B8 by the money editor.
CDL ' s hotel arm Millennium & Copthorne (M & C) owns and manage or operates a network of 120 hotels spread over many countries spanning China, Europe and United States. There are also 3 hotels managed by M& C in Iraq
M& C also has a health war chest of $800 million for acquisition and revamp.
also the mkt seem generally bullish so I think its probably not an enviroment to be shorting at the moment
ytoh1688 ( Date: 22-Apr-2014 09:24) Posted:
bollinger band looks like just constricted and abt to shoot up strongly upwards. i wd wait
pineapple123 ( Date: 21-Apr-2014 17:03) Posted:
| chart looks good for a short , anyone agree? |
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bollinger band looks like just constricted and abt to shoot up strongly upwards. i wd wait
pineapple123 ( Date: 21-Apr-2014 17:03) Posted:
| chart looks good for a short , anyone agree? |
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chart looks good for a short , anyone agree?
Housing bear market gaining momentum
We judge CityDev' s share price to be fairly rich here, given a deteriorating outlook for its core development business, and opt to take profit at this juncture. Downgrade to
SELL with a
lower fair value estimate of S$8.72 (30% RNAV disc.), versus S$9.17 previously, as we incorporate softer residential ASPs and lower valuations for listed holdings into our model.
From latest data-points and channel checks, we anticipate increasing headwinds in the domestic residential space as both primary and rental markets continue to suffer from weakening supply-demand dynamics. 1Q14 URA flash estimates for the private residential property index showed a 1.3% decline, indicating downward price momentum after a 0.9% dip in 4Q13.
We also note the weakness was fairly broad-based, with prices in the Outside Central Region (mass-market), Rest of Central Region (mid-tier) and Core Central Region (high-end) falling 0.3%, 2.8% and 1.3% respectively. In addition, we expect pressure on rental rates ahead as the physical market heads deeper into an over-supply situation. ...last:$10.21...
Emmm....Less than 2 wks up more than $ 1
I think it' s time to take profit...........money in the pocket safer !
marubozu1688 ( Date: 02-Apr-2014 22:03) Posted:
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UOL is following
HOHOHO
WanSiTong ( Date: 28-Mar-2014 09:16) Posted:
Very strong resistance at 9.95...... move up 2 fast 2 furious!
lynn89 ( Date: 28-Mar-2014 09:06) Posted:
CDL is moving up quite strongly. Today holding at $9.91and will reach $10 and beyond soon !!!
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