CityDev: Results were in line with rev at $773.8m +9.8%yoy and net profit at $282.3m +77.9%yoy. +13%qoq which was boosted by a divestment gains of $150m from the Corporate office and a unit in GB Building. Residential sales remained strong in new launches H20, NV Residences and Hedges Park…
Rev from several substantial projects have yet to be booked such as Hundred Trees, Tree House and The Glyndebourne which shld be recognized in 2Q. Hotel rev was flat due to NZ earthquake but RevPAR rose 4.9%yoy. Co has several projects in the pipeline incld 2 residential sites and a hotel site in Robertson Quay and a 602 unit EC at Bukit Panjang….
DB maintains Sell with TP$10.67 due to significant residential exposure (42% of NAV) on policy risk and tight 13% disc to RNAV. MS maintains Underweight (TP$9.95). GS maintains Neutral with TP$13.50 with softer resi outlook. Macq maintains Neutral with TP$10.39. JPM maintains Overweight TP$13.00. Citi maintains Buy (TP$13.00).
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