Welcome to this week’s edition of top stock market highlights.

City Developments Limited (SGX: C09)

City Developments Limited, or CDL, held its 2024 annual general meeting (AGM) on 23 April.

During the meeting, CEO Sherman Kwek said that the blue-chip property group needs to shed at least S$600 million worth of assets this year.

According to him, this is because of CDL’s “very high” gearing.

For 2024, the group’s net gearing stood at 117%, up from 103% a year ago.

Net interest coverage declined from 2.8 times in 2023 to just 2.1 times in 2024, and the average debt maturity stood at 2.3 years as of 31 December 2024.

This latest target is in line with the total value of assets disposed of in 2024, though it fell short of Kwek’s initial S$1 billion target communicated during 2023’s results briefing.

He agreed that CDL should be conducting more divestments, but maintained that the group should not be selling assets just for the sake of it, as a lot of money could be left on the table.

Instead, the group will focus on its core portfolio and will periodically sell assets that are deemed non-core, unproductive, or loss-making.

Kwek also revealed that CDL is looking at some “fairly large divestments” that could substantially lower the group’s net gearing.

Meanwhile, Kwek said that plans for a REIT IPO of its UK commercial assets are back on the table.

This idea was originally mooted in late 2022 before the sharp rise in interest rates.

Had this gone ahead, it would have added roughly S$3 billion to CDL’s assets under management.

The REIT originally had two commercial buildings with a portfolio size of around GBP 1.8 billion.

In March 2023, a third UK commercial asset, St Katharine Docks, was acquired for GBP 395 million.

At the end of 2024, these three properties reported a committed occupancy of 79.5%, but with more than 153,000 square feet of renewals achieved in 2024, occupancy is expected to stabilise and begin moving up.

CapitaLand Integrated Commercial Trust (SGX: C38U)

CapitaLand Integrated Commercial Trust, or CICT, released its first quarter of 2025 (1Q 2025) business update this week.

The retail and commercial REIT reported gross revenue of S$395.3 million for the quarter, down by 0.8% year on year.

Net property income also slid 0.8% year on year to S$291.5 million, principally because of the absence of contributions from 21 Collyer Quay, which was divested in November last year.

Excluding this asset, gross revenue and net property income would have risen by 1.1% and 1.4%, respectively.

Portfolio occupancy remained high for the REIT at 96.4% while the portfolio’s weighted average lease expiry stayed stable at 3.2 years.

Rent reversion came in positive once again at 10.4% for the retail portfolio and 5.4% for the office portfolio.

Retail metrics also came in very strong – 1Q 2025 shopper traffic jumped 23% year on year while tenant sales climbed 17.5% year on year.

In line with the Singapore government’s five-year master plan for Tampines, CICT is planning for the asset enhancement initiative (AEI) of Tampines Mall, which will be carried out in 4Q 2025.

Meanwhile, the AEI for IMM Building should be completed by 3Q 2025, while Gallileo’s AEI will be completed by the second half of this year, with meaningful contribution from 2026 onwards.

Intel (NASDAQ: INTC) 

Intel is ready to slash more than 20% of its workforce in an announcement that may come as soon as this coming week.

The move will help to streamline management, eliminate bureaucracy, and rebuild an engineering-driven culture.

If this layoff proceeds, it will be the first major restructuring initiative under new CEO Tan Lip-Bu, who took over last month.

Tan has a daunting task – to try to turn Intel around and enable the chipmaker to compete effectively against the likes of Nvidia (NASDAQ: NVDA) after the former failed to catch up over the years.

He also plans to sell off any assets that are not central to the company’s mission so that it can focus on creating more compelling products.

Just last week, Intel sold off its 51% stake in the programmable chips unit Altera.

There is still a lot to be done as Tan intends to replace Intel’s lost engineering talent, improve its balance sheet, and better align its manufacturing processes with potential customers.

Intel has also delayed its expansion plans, and Tan is confident that the company can turnaround, although he cautioned that it would “take time and would not be easy”.

Discover how to turn market volatility into potential gains with smart, adaptable strategies. Join us at our webinar, “How to Invest US$20,000 Amid the Great Uncertainty” and unlock the path to a more secure financial future, even in the face of the Great Uncertainty. Sign up here. Click here to claim your free access!

Big Tech is spending hundreds of billions on AI,  and the ripple effects are just beginning. Our new investor guide shows how AI is changing the way companies generate revenue, structure their business models, and gain an edge. Even if you already know the major players, this report reveals something far MORE important: The why and how behind their moves, and what it means for your portfolio. Download your free report now.

Follow us on Facebook and Telegram for the latest investing news and analyses!

Disclosure: Royston Yang does not own shares in any of the companies mentioned.