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Analysts maintain 'buy' on CDL with unchanged target prices on mixed 1Q21 performance

Felicia Tan
Felicia Tan5/21/2021 05:14 PM GMT+08  • 3 min read
Analysts maintain 'buy' on CDL with unchanged target prices on mixed 1Q21 performance
Analysts from CGS-CIMB and OCBC Investment Research have kept their target prices at $8.97 and $9.12 respectively.
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Analysts from CGS-CIMB Research and OCBC Investment Research (OIR) have maintained “add” and “buy” on City Developments Limited (CDL) with unchanged target prices of $8.97 and $9.12 respectively following the group’s 1QFY2021 business update.

The leading real estate developer reported robust residential sales in the quarter and stable commercial performance, although, unsurprisingly, its hospitality segment continues to be a drag on the group’s earnings.

“In its 1QFY2021 operational update, CDL indicated that while there are signs of improvement in its core business segments, overall business conditions remain challenging with the impact of Covid-19,” says CGS-CIMB analyst Lock Mun Yee in a May 19 report.

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