Stock Name: CITYDEV
Company Name: CITY DEVELOPMENTS LIMITED
Company Name: CITY DEVELOPMENTS LIMITED
| Research House: OCBC | Price Call: SELL | Target Price: 8.92 |
OCBC Investment Research downgraded City Developments to “sell” from “hold” and raised its price target to $8.92 from $8.38.
City Developments which is Southeast Asia's second-largest property developer, posted a 32% year-on-year fall in fourth-quarter net profit on Wednesday, hurt by lower rental income.
By 10:49 a.m., CDL shares were up 0.45% at $11.18. The company's share price has risen 25% since the start of the year.
OCBC said CDL’s net profits of $799 million for the year to December were in line with its expectations and said the developer's hotel segment put up healthy numbers due to higher average room rates.
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