RHB Group Research analyst Vijay Natarajan has kept his “buy” call on City Developments Limited (CDL) as he sees the group being on a recovery path.
Year-to-date (Y-t-d-), CDL’s share price has rebounded some 20%, outperforming the benchmark Straits Times Index’s (STI) 7% as it emerges stronger post-pandemic.
In his report dated April 13, Natarajan has also upped his target price estimate to $9.75 from $9.25 as he sees the “stars aligning” for CDL from a combination of resilient residential sales in Singapore, a strong recovery in its hospitality and commercial portfolios, as well as a growing fund management business.
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