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Can start to sell or short now...
My feeling say so.... lol...
What's the reason ah isolator?
It is going to fall more....
Of all property stocks, this one has to be the strongest yet it falls the most... maybe they should just take it private like FEO..
maybe credit suisse will change rating next week ?
enghou ( Date: 11-Jan-2011 19:26) Posted:
Credit Suisse recommends BUY with Target Price at $17.16
● Our positive view of the office market continues to bear evidence,
with more office block transactions at higher capital values.
● CDL has reportedly sold its 100% stake in The Corporate
Building, a smallish freehold office building along Robinson Road,
for S$57 mn (S$2,789 per sq ft/NLA), 43% above the peak
S$1,956 per sq ft. It sold The Corporate Office two doors away in
October 2010, also to the recently-listed Oxley Holdings. We
estimate the implied net yield to be 2% or less. With this, CDL has
unlocked value from over S$0.8 bn of assets over the past year.
● This price is 40% above our above-market assumption of S$2,000
per sq ft for The Corporate Building in CDLís RNAV, and would
raise the RNAV of S$15.60 by 2˘. Maintain earnings and RNAV.
● Another office building along Robinson Road, 112 Robinson
(formerly HB Robinson) was sold by a Credit Suisse managed
fund to Grace Global for S$168 mn (S$1,822 per sq ft), translating
into just 3% net yield. We expect more office transactions to drive
rerating of the sector. Our top picks remain CDL and OUE.
Life Is Great |
|
Wow, dropped more than the others. Wonder why....new property measures more for residential, this counter is mixed, so should not be impacted that much, compared to pure residential play.
Y is CDL falling so much? From what i understand, it is not just a property stock, but commercial landlord as well as hotelier as compared to other pure property stocks?
Credit Suisse recommends BUY with Target Price at $17.16
● Our positive view of the office market continues to bear evidence,
with more office block transactions at higher capital values.
● CDL has reportedly sold its 100% stake in The Corporate
Building, a smallish freehold office building along Robinson Road,
for S$57 mn (S$2,789 per sq ft/NLA), 43% above the peak
S$1,956 per sq ft. It sold The Corporate Office two doors away in
October 2010, also to the recently-listed Oxley Holdings. We
estimate the implied net yield to be 2% or less. With this, CDL has
unlocked value from over S$0.8 bn of assets over the past year.
● This price is 40% above our above-market assumption of S$2,000
per sq ft for The Corporate Building in CDLís RNAV, and would
raise the RNAV of S$15.60 by 2˘. Maintain earnings and RNAV.
● Another office building along Robinson Road, 112 Robinson
(formerly HB Robinson) was sold by a Credit Suisse managed
fund to Grace Global for S$168 mn (S$1,822 per sq ft), translating
into just 3% net yield. We expect more office transactions to drive
rerating of the sector. Our top picks remain CDL and OUE.
Life Is Great
My Hot List.
ASL Marine 5, ChinaAniH 7, CITYDEV 8, HPL 7, Hyflux 6, SingTel 8
More on my Blog at
Alex Trades.
This is just my personal analysis. You invest at your own risk.
Good luck.
City Developments Ltd (the “Company” or “CDL”) announced that City Port Development Pte Ltd, a wholly-owned subsidiary of the Company, had entered into a master agreement to, inter alia, dispose all its shareholding interest of 60,000 shares of US$100.00 each in P.T. City Island Utama (“PTCIU”), representing 30% of the issued and paid up capital of PTCIU, a company incorporated under the laws of the Republic of Indonesia, and its shareholder loans advanced to PTCIU, to unrelated parties for a consideration of US$4.8 million (the “Sale”).
/sgxmasnet/
Good news can mean juicy and meaty rallies...
| CDL China makes $46m maiden site acquisition in Chongqing |
| WRITTEN BY THE EDGE |
| FRIDAY, 17 DECEMBER 2010 13:52 |
CDL China, the China division of City Developments which was formed in August, has acquired its first development site in Chongqing, China for RMB 232 million ($45.7 million).
CDL China, through its wholly-owned Hong Kong subsidiary China Venture Investments, was awarded the site at a government land auction on Dec 15. The purely residential site, which consists of two adjacent plots of land totalling 27,200 square metres, is located on top of a historic hill, Eling, in Yuzhong District of Chongqing municipality. CDL China intends to build an ultra luxurious low-rise development comprising of villas, duplexes and townhouses. The site boasts a panoramic perspective of Yuzhong District including a vantage view of the famous Yangtze River. Construction is expected to commence in 2011 and the initial plan is to build approximately 150 units.
The site sits next to the historic Eling Park and is about 3.5 km to the city centre landmark monument, Jie Fang Bei. The Gross Floor Area is 43,020 square metres and there is a height restriction varying from 15 to 18 metres to preserve the beauty of the surroundings. This will be the only residential villa site within a 5 km proximity to Jie Fang Bei and is expected to be a landmark development.
Eling Park used to be the private residence of a wealthy salt merchant in the closing years of the Qing Dynasty. During the resistance war against the Japanese Occupation in World War II, it served as the residence of Chiang Kai-Shek and Soong Mei Ling. The British ambassador and the Australian Embassy also resided here during that period. Throughout its tenure for these users, Eling Park was chosen for its scenery and tranquility – much sought-after ingredients for a private residential enclave and yet located so close to the city centre.
|
/theedgesingapore/icomeireadipostfyireadingpleasure// |
City Developments Ltd: Valuation is key
Summary: City Developments Ltd (CDL)’s recent launches have done well and it is looking to launch its 521-unit condominium project at Sengkang/Fernvale early next year. CDL has taken advantage of strong capital values and appetite for acquisitions to divest ~S$910m worth of assets over 2010. We view these developments positively and expect to see further divestments in 2011. With sustained conditions of high liquidity and cheap debt, we believe it is very likely that policymakers will implement further measures to regulate the residential market in 1H2011. We prefer developers with strong balance sheets and those with balanced exposure to the property sector, which should buttress earnings and performance in a year of fairly high uncertainty for residential property. While CDL checks these boxes, we still do not find valuations attractive at the current price level. Maintain HOLD with unchanged S$12.35 fair value (pegged at RNAV); we would consider re-entering around S$11.23. (Meenal Kumar)
/ocbc ir/i read i post/
Credit Suisee maintained Outperform Rating on CityDve CDL came out tops among 5 bids for the Executive Condominium
(EC) site at Segar Road. Although its bid of S$182 mn (S$271/sq
ft/pr) might look aggressive, as it is 16% above the second bid of
S$234/sq ft, CDL has had success in a nearby project Treehouse,
which is 1.5 km away and fully sold at S$830/sq ft.
● The site is within walking distance of Segar LRT station, and three
stops away from Bukit Panjang MRT station, which is the first
station of the Downtown Line 2 underway and where FEO paid
S$437/sq ft for a mixed site in Feb-10.
● We expect the breakeven price to be S$590/sq ft and it could sell
for S$680/sq ft, similar to recent EC pricings. Based on this, we
expect a pre-tax margin of 15% for CDL which could add 5 cts to
its RNAV of S$15.60. We have kept forecasts unchanged for now.
● Recent bidding for residential land has become less competitive
as the market looks forward to the 8,100 units in 2H11 GLS
Confirmed List. We believe this lessens pressure for the
government to impose more demand-side measures.
We like CDLfor the rerating of its commercial portfolio. Maintain Outperform.Make love more, don't make more enemies
Anyone able to give any insight to this stock? Market down it go up, market up it goes down....
huge buyups near the end of the day.. up 4.4% when whole world is down.. good news coming??
Technical View from The Edge
Underlying tone is quite weak ! Prices broke below a double-top at the start of the week. The breakdown points to a minimum target of $11.60. Price end at $12.22, manages to stay above the 100-day moving average at $12.20. Short term indicators are at low end of the range and this should lead to a rebound in the near term. Resistance will be at $13.
Make love more, don't make more enemies
wtf.. dropping when every developer is going up, sti going up, hk going up...
Shed 3.5% ...
Property take up at Napier was extremely poor. China has implmented curb measures for property lending and investments. Capitaland has broken it's strong support of 3.80.... doom and gloom on the property front for now. Banks don't look good as well. So.....................
