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CDL is 'undervalued' despite share price outperformance year-to-date: RHB

Felicia Tan
Felicia Tan12/5/2022 07:40 AM GMT+08  • 2 min read
CDL is 'undervalued' despite share price outperformance year-to-date: RHB
Artist's impression of CDL's Copen Grand. Photo: CDL
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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.

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