Instead, Chan noted that CDL was on the “road to recovery” as he sees green shoots emerging within the Singapore property market, with high take-up rates for new launches.
PhillipCapital analyst Darren Chan has maintained his “buy” call on City Developments Limited (SGX:C09
) (CDL) even though the group’s patmi for the FY2024 ended Dec 31, 2024, formed only 70% of his full-year estimates.
The lower-than-expected bottom line was attributed to the timing of profit recognition under CDL’s property development segment and a 21% increase in interest expenses, says Chan. The analyst’s report, dated March 17, comes after CDL’s executive chairman Kwek Leng Beng dropped the legal charges against a group of board directors led by his son, group CEO Sherman Kwek. No further mention was made about the two-week-long saga.
