OCBC Investment Research downgraded City Developments to “sell” from “hold” and raised its price target to $8.92 from $8.38.
City Developments which is Southeast Asia's second-largest property developer, posted a 32% year-on-year fall in fourth-quarter net profit on Wednesday, hurt by lower rental income.
By 10:49 a.m., CDL shares were up 0.45% at $11.18. The company's share price has risen 25% since the start of the year.
OCBC said CDL’s net profits of $799 million for the year to December were in line with its expectations and said the developer's hotel segment put up healthy numbers due to higher average room rates.
No comments:
Post a Comment