City Development Q3 2016

Revenue                       $923m
PATMI                         $170m
EPS                              18.7 cents
NAV                             $9.91
ROE                             4.54%

Recurring Income Segment comprises of 62% EBITDA and 51% Total  Assets
International Income Segment comprises of 43% EBITDA and 46% Total Assets

Net Borrowings            $3038m
Gearing                         27% (20% after taking into account fair value revaluation)
Interest Cover Ratio     10.9X

CDL - Diversifying from Brick-&-Mortar World

City Developments Limited (CDL) will invest RMB 100 million ($20.4 million) for a 20% stake in mamahome, a fast-growing Chinese online apartment rental platform. After CDL’s investment, mamahome will be owned jointly by the founder Shanghai Chongfu (56%), E-House Capital (24%) and CDL China (20%).

mamahome is a one-stop solution for both apartment owners and rental customers. It provides an online booking website, online management software, and other value-added services including housekeeping, renovation, 24-hour concierge and call centre. In addition, mamahome also provides management for its own brands of serviced apartments — Suisse Place, Locca and Login.

Currently, there are more than 100,000 apartment listings on mamahome across 20 cities in China. Over 75% of the apartments are located in key gateway cities – Shanghai, Beijing and Guangzhou.

CityDev Q2FY16

Revenue                          $1,092m
PATMI                            $134m
EPS                                 14 cents
NAV                               $9.75
ROE                                2.7%
Cash & Cash Equiv        $3,357m
Net Borrowings              $3,016m
Gearing                           27% (20% with fair value revaluation)
Interest Cover                 10.1x

CityDev 4QFY2014

Revenue                                  = $847m
PATMI                                    = $385m
EPS                                         = 41.6 cents
NAV                                       = $9.25
Cash & Cash Equiv                = $3898m
Borrowings                             = $2820m
Gearing                                   = 26% (without fair value gains on investment properties)
                                                = 19% (with fair value gains on investment properties)
Interest Cover                         = 12.1X
DPU                                        = 12 cents (16cents in total for FY2014)

CDL Q2FY2013

Revenue                                      = $802m
PATMI                                       = $204m
EPS                                             = 21.7 cents
NAV                                           = $8.30 (1HFY2013)
Net Borrowings                          = $2087m
Interest Cover                             = 15X
Cash & Cash Equiv                    = $2518m
Gearing                                       = 22%

Segment                             Revenue                                  Profit/Loss
Property Development       $303,236,000                          $61,645,000
Hotel Ops                           $391,897,000                          $54,769,000
Rental Properties                $77,420,000                            $160,330,000
Others                                 $29,057,000                            ($3,774,000)

Big bulk of the profit came from the sale of an industrial site at 100G Pasir Panjang. Investment properties are stated at cost less accumulated depreciation and accumulated impairment.