Market ‘may have ignored positives’ from City Developments' PPS deal

SINGAPORE (Nov 11): Maybank Kim Eng continues to keep its “hold” recommendation on City Developments Limited (CDL) with an unchanged target price of $9.42, after its 3Q16 results came in line with the research house’s expectations.

To recap, CDL’s 3Q earnings grew 60.1% y-o-y to $170.3 million on stronger sales and gains from its divestment of interest in City e-Solutions (CES).

(See also: City Developments posts 60.1% rise in 3Q earnings to $170.3 mil on stronger sales and divestment gains)  

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