City Developments Limited (CDL)

This is Genting Singapore's first time in the index, while DBS tops the list of Asean companies in the index.

As at Dec 31, 2020, CDL’s total investment in Sincere Property stands at $1.8 billion.

As at 4.02pm, shares in CDL are trading 18 cents lower or 2.3% down at $7.79.

The management contract will help generate more recurring income

The Straits Times Index (STI) dipped 0.3% to 2,534.96 as at noon of Oct 26, from 2,543.57 last week.

Despite facing impact from Covid-19 on all segments, City Developments Limited (CDL) is fixed on long-term recovery, with the hospitality sector expected to rebound after a vaccine is found, say analysts.

During a results briefing by City Developments (CDL), CEO Sherman Kwek said the group is exploring establishing a REIT listed on the Singapore Exchange for its commercial assets in UK and would most likely aim for a listing in 1Q2021.

1H20 revenue fell 32.8% y-o-y to $1.07 billion, due to the decline across all business segments. The hotel operations segment alone accounted for 82% of the drop in revenue due to the global pandemic.

Cheap and well-positioned for a recovery, this stock is definitely worth a look.

City Developments Limited (CDL) is expecting a decline in its revenue for 1H20 from its hotel operations segment, property development segment, and investment properties segment, mainly due to the prolonged Covid-19 pandemic.