City Developments - UOB Kay Hian 2022-12-15: Reasonably Solid 2023 Outlook Given Strength In Some Business Segments

City Developments - Reasonably Solid 2023 Outlook Given Strength In Some Business Segments

Published:
CITY DEVELOPMENTS LIMITED (SGX:C09) | SGinvestors.ioCITY DEVELOPMENTS LIMITED (SGX:C09)
  • City Developments appears to be reasonably well placed to build upon its share price momentum in 2022, with the hospitality and office segments leading the way in 2023, in our view.
  • After the sale of Millennium Hilton Seoul in 1H22, City Developments has launched a strategic review of its global hospitality portfolio which could result in further monetisation initiatives. Recent sales strength of its Copen Grand EC bodes well for its next EC launch at Bukit Batok over the next 12 months.
  • - Read this at SGinvestors.io -

A reasonably solid outlook for City Developments in 2023.

  • Heading into 2023, we continue to be reasonably positive on City Developments (SGX:C09)’s growth prospects which we believe will be underpinned by continued recovery in its hospitality segment, and assisted by office rental reversions.
  • - Read this at SGinvestors.io -
  • Data from hospitality industry analytics company STR showed that up to mid-Nov 22, global occupancy rates rose 3.6ppt, the largest in over nine months, with 70% of all countries recording an increase.

Strength in office segment will eclipse residential.

  • Read more at SGinvestors.io.




Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.




Adrian LOH UOB Kay Hian Research | https://research.uobkayhian.com/ 2022-12-15



Read also UOB's most recent report:
2023-08-11 City Developments - Strong 1H23 EBITDA Growth Overshadowed By Financing Costs & One-Off Items.

Previous report by UOB:
2023-02-24 City Developments - Record Earnings Bolstered By Sale Of The Millennium Hilton Seoul.

Price targets by 3 other brokers at City Developments Target Prices.

Listing of research reports at City Developments Analyst Reports.

Relevant links:
City Developments Share Price History,
City Developments Announcements,
City Developments Dividends & Corporate Actions,
City Developments News Articles





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