City Developments' Earnings Visibility Appears to be Improving
Dow Jones
Nov 19
City Developments' earnings visibility seems to be improving thanks to its land parcel acquisitions and strong residential sales in Singapore, says CGS International's Lock Mun Yee in a note.
The property developer's 3Q business update showed robust residential development operations, backed by strong take-up at its new launches, she notes.
Its three land parcels acquired year to date could yield 1,400 to 1,500 units, which could support future earnings, she says.
She also finds City Developments' current stock valuation inexpensive, compared with its 10-year average.
CGSI maintains its add rating and S$8.97 target price. Shares are 0.3% higher at S$7.22.
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