Singapore Stock Market News

City Developments - Still evolving

StockFanatic
Publish date: Mon, 16 Feb 2015, 11:50 PM
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CDL's strong 4Q PATMI growth was driven by exceptional gains as well as higher hotel contributions. FY14 core net profit made up 91% of our forecast. Moving into FY15, CDL will continue to time its Singapore launches to market, as well as roll out its overseas diversification strategies. We remain excited on the latter and believe good returns can be reaped over time from these well-located projects. In the meantime, its share price could remain range-bound while awaiting these overseas catalysts. We maintain Hold and fine-tune our FY15-16 earnings, with a higher target price of S$10.90, based on a 25% discount to RNAV.
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