City Development Reports in Line 1Q Result; Shares Remain Undervalued
City Development's in line first-quarter result does not alter our long-term view on the developer. Our estimates and fair value of SGD 12 are unchanged, and we continue to see it as undervalued despite strong increases in its share price in the first quarter and in April. We remain firm the developer's strategy in expanding offshore and ramping up its fund management business will provide more balanced earnings to the group. The group's recurring income is supported by its hotel business and in...City Developments is a property developer and owner and investment holding company. Co. and its subsidiaries have four reportable segments: Property Development, which develops and purchases properties for sale; Hotel Operations, which owns and manages hotels; Rental Properties, which develops and purchases investment properties for lease; as well as Others, which comprises club operator and owner, investment in shares, property management, project management and consultancy services and provider of information technology and procurement services. The property development, hotel operations and rental properties segments are managed on a worldwide basis.
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