Stock Name: CITYDEV
Company Name: CITY DEVELOPMENTS LIMITED
DBS Vickers Securities in a Mar 6 research report says: "The group reported a 2% increase in net profit to $798.6 million on a 6% better topline of $3.28 billion for FY2011. Stripping out the effect of asset divestments of $230.7 million, bottomline would have risen 5% y-o-y.
"Operating improvement came mainly from higher development contributions, where profit before tax (PBT) jumped 27% to $536 million and made up 47% of PBT. The group has proposed a final DPS of 13 cents on top of a 5 cents interim DPS, translating to a yield of 1%.
"The stock is trading at par with our RNAV of $11.25, which pegs the value of Millennium & Copthorne Hotels plc (M&C) at current share price. Target price of $10.76, pegged at a 5% discount to RNAV. MAINTAIN HOLD."
Company Name: CITY DEVELOPMENTS LIMITED
| Research House: DBS Vickers | Price Call: HOLD | Target Price: 10.76 |
DBS Vickers Securities in a Mar 6 research report says: "The group reported a 2% increase in net profit to $798.6 million on a 6% better topline of $3.28 billion for FY2011. Stripping out the effect of asset divestments of $230.7 million, bottomline would have risen 5% y-o-y.
"Operating improvement came mainly from higher development contributions, where profit before tax (PBT) jumped 27% to $536 million and made up 47% of PBT. The group has proposed a final DPS of 13 cents on top of a 5 cents interim DPS, translating to a yield of 1%.
"The stock is trading at par with our RNAV of $11.25, which pegs the value of Millennium & Copthorne Hotels plc (M&C) at current share price. Target price of $10.76, pegged at a 5% discount to RNAV. MAINTAIN HOLD."
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