- 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 the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Darren Chan Phillip Securities Research | https://www.stocksbnb.com/ 2023-08-16
Read also Phillip's most recent report:
2024-08-19 City Developments - Accelerating Capital Recycling Efforts.
Previous report by Phillip:
2024-05-23 City Developments - Buying Back Shares.
Price targets by 2 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
