City Developments Limited (CDL) achieved record net profit for FY10, posting PATMI of $749m. Although this represented a 26% YoY improvement for the group, the results were slightly below market expectations mainly due to the group’s timing in recognising profits from its development projects. We continue to like CDL for its diversified business, underpinned by strong recurring income from its rental properties and hotel business. Maintain BUY.
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