SINGAPORE (Sept 2): CIMB Research is maintaining its “add” call on Guocoland on expectations that overseas income could grow in 2Q16 with residential sales from its projects in China and Malaysia.
In a Friday report, analyst Lock Mun Yee says she sees maiden contributions from 50%-owned Changfeng Residences in Shanghai to materialise from end-CY16.
Lock also expects further sales from its Damansara City project to filter down immediately to the bottomline given that the residential component of the project is completed.
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