Time to Check Out: City Developments Knocks on Millennium & Copthorne's Door Again
No-moat City Developments Ltd. launched a second takeout attempt of Millennium & Copthorne, offering GBP 776.29 million for the remaining 34.8% stake in M&C it did not already own. Despite the positive share price reaction to the announcement, we continue to see the real estate conglomerate as undervalued, trading at a 25% discount to our unchanged fair value estimate of SGD 12 per share. Our fair value estimate represents a fiscal 2019 price/book of SGD 1.15 times, in line with the hist...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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