Brokers' take

City Developments Limited (CDL) | Buy (upgraded) Fair value: S$10.73 Nov 12 close: S$8.49 OCBC Investment Research, Nov 12

CDL's Q3 results were in-line with our expectations. Profit after tax and minority interests (PATMI) increased 10.4 per cent year-on-year to S$161.8 million on the back of a 17.7 per cent jump in revenue to S$1.02 billion.

For 9M18, CDL's revenue jumped 37.3 per cent to S$3.4 billion, while PATMI of S$446.6 million represented growth of 25.4 per cent and formed 80.7 per cent of our FY18 forecast.