“The slow but steady recurring income build-up, strong balance sheet, and brand name, coupled with an experienced management team, should help CDL emerge stronger from the crisis,” says Natarajan.
SINGAPORE (May 29): RHB Group Research analyst Vijay Natarajan is upgrading City Developments (CDL) to a “buy” from the previous “hold” with a lower target price of $9.50 as the stock trades below global financial crisis (GFC) levels.
While CDL, like all other property heavyweights in Singapore, has been affected by the ongoing Covid-19 pandemic, Natarajan believes most of the near-term headwinds have already been priced in. Furthermore, CDL’s solid fundamentals are likely to enable the company to bounce back.
