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Jefferies keeps City Developments at "buy" following 1QFY2022 update

The Edge Singapore
The Edge Singapore5/24/2022 09:52 PM GMT+08  • 2 min read
Jefferies keeps City Developments at "buy" following 1QFY2022 update
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Jefferies analyst Krishna Guha has kept his “buy” call on City Developments, following the property and hotel company’s 1QFY2022 operational updates showing “good momentum” across the various key business segments.

“The group continues to execute on its strategy of asset redevelopment and capital recycling,” writes Guha in his May 24 note, where he has indicated a target price of $9.50. Valuation continues to be attractive at 0.9x stated book, 0.4x revalued book, adds Guha.

CDL and its associates sold 188 Singapore residential units in 1Q, chalking up a total sales value of $477.9 million, down 7% y-o-y, as cooling measures introduced late last year dampened transaction volume.

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