City Developments - Turning The Corner
- City Developments (SGX:C09) reported a 38.4% y-o-y rise in 2H21 revenue to S$1.43bn while PATMI swung back into the black with a S$129.7m profit as all segments reported improvement in performance. City Developments's 2H/FY21 earnings per share (EPS) of S$0.0136/S$0.0935 was below expectations at 67%/46% of our FY21F forecast.
- Improving operating performance, boosting City Developments's balance sheet through asset value unlocking and capital management activities.
- We raise our FY22-23F EPS estimates for City Developments by 25.5-29.2% to factor in the divestment gain from Millennium Hilton Seoul, stronger hotel contributions and income from new Singapore residential landbank. Our RNAV-based target price for City Developments is maintained at S$8.97.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2022-02-25 2022-02-25
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