City Developments - Phillip Securities 2023-08-16: Anticipating Stronger Growth In Hospitality

• City Developments (SGX:C09)'s 1H23 revenue of S$2.7bn (+83.6% y-o-y) was in line and formed 71% of our FY23e forecast due to the full revenue recognition of Piermont Grand Executive Condominium (EC) upon completion in 1H23.
• - Read this at SGinvestors.io -
• Upgrade City Developments to BUY with a lower RNAV-derived target price of $8.22 from $8.33, a 45% discount to RNAV of S$14.94. We view City Developments as a proxy for the Singapore residential market and hospitality recovery.
• - Read this at SGinvestors.io -

The Positives

Singapore residential market remains resilient despite cooling measures.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-03-17 City Developments - Road To Recovery.

Previous report by Phillip:
2024-11-25 City Developments - Improving Residential Demand.

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 Dividend Payout Dates & Corporate Actions,
City Developments News