From proceeds of divestments last year, Song and Khi estimate that CDL will declare a dividend of 23 cents per share, which is above consensus estimates of 17.3 cents.
Mervin Song and Terence Khi of JP Morgan have turned even more bullish on CDL recently too, as they cheer the management's focus on unlocking value, with prospects of a "strategic review". In their Jan 6 note, they point out that CDL shares remain at an attractive 20% discount to its book value.
From an earlier target price of $8.20, they figure that CDL is now worth $10.75.
