RHB Group Research analyst Vijay Natarajan is keeping his “buy” call on City Developments (CDL) with an unchanged target price of $9.75 after the property group released its updates for the 3QFY2022 ended Sept 30 on Nov 30.
To Natarajan, CDL’s business updates were “in line”. They also showed a “continued pickup” across all three market segments.
“CDL’s strategy of deleveraging its non-core assets over last two years has placed it in a relatively better balance sheet position amid rising interest rates,” Natarajan writes.
