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UOB Kay Hian keeps ‘buy’ on CDL on the back of ‘resilient’ operating performance in the 1QFY2022

Chloe Lim
Chloe Lim6/1/2022 10:59 AM GMT+08  • 3 min read
UOB Kay Hian keeps ‘buy’ on CDL on the back of ‘resilient’ operating performance in the 1QFY2022
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UOB Kay Hian analyst Adrian Loh has kept a “buy” rating on City Developments Limited (CDL) with a target price of $9.20.

On May 24, CDL reported a resilient operating performance in 1QFY2022 ended March supported by healthy hospitality occupancy rates, with strong room rate and revenue per available room (RevPAR) metrics in most of its geographies with the exception of New Zealand.

London and Europe were notably robust with RevPAR spiking 10x and 7x respectively, as expected by Loh. “We expect 1HFY2022 and even 3QFY2022 numbers to be similarly strong as the summer holiday season kicks in from June onwards, and especially looking at recent outlook statements from various airlines regarding the summer high season,” writes the analyst.

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