From CIMB :
No changes to fundamentals; An accumulation opportunity. Fundamentally, we do not see any changes in the operations with the change in ownership. In fact, CD just reported a reasonable set of 1Q results with net profit up by 8% y-o-y, despite cost challenges. In addition, it is also pursuing inorganic growth via bite-sized acquisitions leveraging on its strong balance sheet. While there could be uncertainty on SLF paring its stake, we believe fundamentals of CD will not change due to this. We believe this could be an opportune time for accumulation of the counter.
Our TP of S$2.19 and BUY recommendation is retained
No changes to fundamentals; An accumulation opportunity. Fundamentally, we do not see any changes in the operations with the change in ownership. In fact, CD just reported a reasonable set of 1Q results with net profit up by 8% y-o-y, despite cost challenges. In addition, it is also pursuing inorganic growth via bite-sized acquisitions leveraging on its strong balance sheet. While there could be uncertainty on SLF paring its stake, we believe fundamentals of CD will not change due to this. We believe this could be an opportune time for accumulation of the counter.
Our TP of S$2.19 and BUY recommendation is retained