Analyst Note
| Michael Wu, CAIA |We are placing City Developments under review following a change in analyst coverage. We plan to reinitiate coverage of CDL at end-June.
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
We are placing City Developments under review following a change in analyst coverage. We plan to reinitiate coverage of CDL at end-June.
City Developments, or CDL, is a listed property group of parent company Hong Leong Group. CDL's main businesses in property development and hotel operations makes up the majority of the group's operating profit. A portfolio of investment properties underpins recurring rental income and increasing income from investment properties is a key strategy for the group in the medium term. CDL's key geography is in Singapore with almost half of the group's total assets derived there. Its expansion into international markets is focused on the United Kingdom, China and Japan. CDL privatized its hotel operations, Millennium and Copthorne in 2019.