City Developments: Planned REIT Listing Is Medium Term Catalyst [Seeking Alpha]
CITY DEVELOPMENTS S/ADR (CDEVY)
NASDAQ:AMEX Investor Relations:
ir.cdl.com.sg
Company Research
Source: Seeking Alpha
Summary The planned U.K. commercial REIT listing will help to narrow City Developments' discount to its net asset value and revalued net asset value, and grow the company's fund management AUM. Apart from its planned REIT listing, the company has set a target to achieve S$900 million in recurring income by 2028, which is another catalyst for the stock. The negative impact of the coronavirus outbreak on the company's hospitality and residential businesses and its relatively high gearing are concerns, and they pose downside risks. City Developments currently trades at 0.71 times P/B and offers a consensus forward FY2020 dividend yield of 2.3%. Elevator Pitch I assign a "Neutral" rating to City Developments Limited ( OTCPK:CDEVY OTCPK:CDEVF City Developments currently trades at 0.71 times P/B, which implies a significant discount to its historical five-year and 10-year P/B multiples of 0.95 times and 1.18 times respectively. The stock also offers a consensus forward FY2020 dividend yield
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