Singapore Stock Market News
City Developments - Collapse of hotel segment
StockFanatic
Publish date: Fri, 17 May 2013, 03:19 PM
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CityDev announced a weak set of 1Q13 results because of the collapse of
its hotel PBIT. It remains to be seen if it recovers in subsequent
quarters. There are plans to enter the London market but this move is
unlikely to change our Neutral stance at this juncture.
1Q13 core earnings were below
expectations, at 15% of our full-year
forecast and 13% of consensus. We
scale back our FY13-15 core EPS by
3-12% for lower hotel earnings and
trim our target price (15% discount to
RNAV). We believe that a fresh
business model may be needed before
investors can be tempted to turn
positive again.
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