SINGAPORE (Aug 12): UOB Kay Hian is maintaining its “buy” call on City Developments Limited (CDL) with a target price of $10.36. Here are a number of reasons why lead analyst Vikrant Pandey continues to remain positive on the developer and expects it to enjoy better 2H contributions:
1. Increased transparency
According to Pandey, CDL has been “steadily improving its disclosure” since it was reinstated into the FTSE EPRA/NAREIT Global Real Estate Index. Most recently, the group included occupancy information on its office and retail investment assets, on top of demarcating its EBITDA segments and disclosing project equity stake.