CDL still a ‘buy’ despite guidance of lower 1H earnings: OCBC

SINGAPORE (July 15): City Developments (CDL) may have guided for a substantially weaker performance in 1H20, but the property developer is still in the good books of OCBC Investment Research.

The brokerage notes that the company has sufficient liquidity to weather the novel coronavirus (Covid-19) pandemic, which has crippled the hospitality industry.

To date, it has total cash and undrawn and committed credit facilities exceeding $5 billion. Total debt maturing in 2020 was $1.8 billion, as at March 31, 2020.

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