“Kwek Leng Peck’s return signals strong Kwek family support for CEO Sherman Kwek and management’s plans to execute CDL’s strategic review while improving operating performance and capital allocation,” the JP Morgan report says.
JP Morgan issued an update on City Developments (CDL) on June 16, reiterating its overweight call with a 12-month price target of $10.45.
The report points out that since Kwek Leng Peck was appointed as vice chairman of CDL, the share price has rallied 10.1% compared to a 1.6% gain in the Straits Times Index.
