SINGAPORE (Nov 16): OCBC is maintaining its “hold” call” on City Developments with $8.35 fair value as 3Q numbers came in below expectations and the Singapore residential market remains subdued.

CityDevelopments’ 3Q15 PATMI decreased 16% to $106.4 million mainly due to lower contributions from property development and the absence of a one- time dilution gain at an M&C associate in 3Q14.

In terms of the topline, 3Q15 revenues dipped 39% to $809.3 million – this was largely due to lower property development revenues which fell by $522.4 million to $228.0 million given the absence of contributions from Blossom Residences EC which attained TOP in Sep 2014, while revenues from the hotel and investment properties segments remained relatively stable.

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