The analyst expects a better 2HFY2023 performance on contributions from new hotel acquisitions, stronger hospitality performance, and higher contributions from the Singapore residential segment.
RHB Group Research analyst Vijay Natarajan has lowered his target price for City Developments Limited (CDL) from $8.80 to $8.20, as he awaits stronger catalysts to boost the performance of the property developer through 2HFY2023.
Natarajan has, however, maintained his “buy” call, although he says that CDL’s 1HFY2023 earnings ended June were disappointing, due to the hospitality arm’s recovery being dragged by higher financing costs and lower development margins.
