In a Wednesday report, CGS-CIMB analyst Lock Mun Yee says she continues to see CDL as a high-conviction “add” despite reducing FY19-21F earnings per share (EPS) by 5.3-10.4% on lower-than-expected hotel contributions.
SINGAPORE (May 17): CGS-CIMB Research and Jefferies are maintaining their “buy” calls on City Developments Limited (CDL) with the respective price targets of $10.66 and $8.68, while RHB Research is keeping its “neutral” rating on the stock with a target price of $9.20.
This comes post the release of CDL’s 1Q19 earnings, which more than doubled to $199.6 million despite lower revenue compared to a year ago, as well as recent news of the group acquiring a 24% stake in Chinese developer Sincere Property Group.
