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

City Developments - Anticipating Stronger Growth In Hospitality

City Developments (SGX:C09) | SGinvestors.ioCity Developments (SGX:C09)
  • 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.
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  • 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.
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The Positives

Singapore residential market remains resilient despite cooling measures.

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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 @

Darren Chan Phillip Securities Research | 2023-08-16

Read also Phillip's most recent report:
2024-05-23 City Developments - Buying Back Shares.

Previous report by Phillip:
2024-03-05 City Developments - Record Revenue Driven By Property Development.

Price targets by 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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