City Dev: Reported 3Q results, rev came in at $745m -20.8%yoy, -20.8%qoq. However gross margins at 59.7% improved compared to 48.0% in 3Q09 and 49.6% prev quarter. Profit to owners was $195.8m, 1.1% higher yoy and +19.0%qoq. Profit increased despite rev falling due to cost control in Hotel Ops segment and gains due to recognition on dilution in investment after CDLHT had a placement issue...
In Oct, a 150-unit condo The Glyndebourne was launched by M&C which co has 54% interest in. 85% has been taken up to date. The residential mkt is expected to cool in the 4Q but 4Q gains to be boosted from divestment from Chinatown Point, Pantech 21 & New Tech Park...
MS maintains Equal-weight at $11.87, DB maintains Sell at 10.61, Citi maintains Sell at $9.80 mainly due to Sg govt stand on property mkt.
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