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How positive should investors be on CityDev's big China investment deal?

Michelle Zhu
Michelle Zhu5/16/2019 04:04 PM GMT+08  • 3 min read
How positive should investors be on CityDev's big China investment deal?
SINGAPORE (May 17): CGS-CIMB Research and Jefferies are maintaining their “buy” calls on City Developments Limited (CDL) with the respective price targets of $10.66 and $8.68, while RHB Research is keeping its “neutral” rating on the stock with a
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SINGAPORE (May 17): CGS-CIMB Research and Jefferies are maintaining their “buy” calls on City Developments Limited (CDL) with the respective price targets of $10.66 and $8.68, while RHB Research is keeping its “neutral” rating on the stock with a target price of $9.20.

This comes post the release of CDL’s 1Q19 earnings, which more than doubled to $199.6 million despite lower revenue compared to a year ago, as well as recent news of the group acquiring a 24% stake in Chinese developer Sincere Property Group.

In a Wednesday report, CGS-CIMB analyst Lock Mun Yee says she continues to see CDL as a high-conviction “add” despite reducing FY19-21F earnings per share (EPS) by 5.3-10.4% on lower-than-expected hotel contributions.

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