“In its 1QFY2021 operational update, CDL indicated that while there are signs of improvement in its core business segments, overall business conditions remain challenging with the impact of Covid-19,” says CGS-CIMB analyst Lock Mun Yee in a May 19 report.
Analysts from CGS-CIMB Research and OCBC Investment Research (OIR) have maintained “add” and “buy” on City Developments Limited (CDL) with unchanged target prices of $8.97 and $9.12 respectively following the group’s 1QFY2021 business update.
The leading real estate developer reported robust residential sales in the quarter and stable commercial performance, although, unsurprisingly, its hospitality segment continues to be a drag on the group’s earnings.
