CITY DEVELOPMENTS LIMITED
C09.SI
City Developments - Next generation of leaders.
- Sherman Kwek Eik Tse, 40, son of Kwek Leng Beng, has been named Deputy Chief Executive Officer at CDL. He will assist the current Chief Executive Officer, Grant Kelley, in overseeing and managing key operating divisions within the group.
- Sherman would relinquish his positions as Chief Investment Officer of the group and Chief Executive Officer of CDL China.
- Another Kwek family scion got an expanded portfolio. Kwek Leng Beng's nephew Kwek Eik Sheng, 34, has been appointed head of asset management on top of his current role as CDL's Chief Strategy Officer.
- CDL also named a new Chief Financial Officer, Yiong Yim Ming, who had been its SVP for group accounts including subsidiaries and joint ventures.
- Ms Yiong, 42, is taking over from the group's previous Chief Financial Officer, Goh Ann Nee, who resigned in January this year.
- Ms Goh became Chief Financial Official of another listed company, Raffles Medical Group.
- City Developments (CIT SP) remains our Top Pick for its compelling valuations and restructuring play. We expect to see bold initiatives from the next generation of Kweks, leveraging on the cash amassed from the previous two Profit Participation Securities (PPS) transactions, to propel CDL's next engine of growth into overseas markets, and lesser dependence on Singapore property.
- Reiterate BUY with TP of SGD9.22.
Ong Kian Lin
RHB Invest
http://www.rhbinvest.com.sg/
2016-04-12
RHB Invest
SGX Stock
Analyst Report
9.22
Same
9.22
