Analysts upbeat on CDL of Singapore’s 2nd richest man Kwek Leng Beng after H1 profit more than triples
Property developer City Developments Limited, controlled by Singapore’s second-richest man Kwek Leng Beng, has pleased the market with its H1 2026 results, as net profit more than tripled year-on-year.
Analysts have expressed optimism regarding CDL, the property development company of Singapore's second-richest man, Kwek Leng Beng, after its first half profit more than tripled. OCBC raised its rating on CDL from 'hold' to 'buy', while other lenders and research firms also rated the stock as a 'buy' with target prices ranging from S$11.32 to S$12.11.
CDL's strong growth has been driven by the property development business, which benefited from robust demand in Singapore's private residential market. Hotel segment also turned profitable with a pre-tax profit of S$42 million, thanks to higher revenue and a net foreign-exchange gain from the Singapore dollar's strengthening. Analysts are also positive ahead of the outcome of CDL's strategic review, which is expected by the end of September.
Brief written by urgent.news from VnExpress Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
