Here’s why a weak GBP could be good news for CityDev

It could propel inbound leisure tourism, say analysts.

The property and hospitality firm is heavily geared on the United Kingdom, and analysts are expecting a shake-up in its business due to the recent referendum.

According to a report by RHB Research, however, a weaker GBP could actually be good news for City Developments, as it could prop up leisure tourism.

“CDL’s UK-listed subsidiary Millennium & Copthorne Hotels (M&C) (65% stake) operates 22 of its 126 hotels in the UK market,” RHB Research noted.

While the impact of the outcome of the referendum is likely to create uncertainty for the mean time, near-term effects include suppressed business travel.

Meanwhile, CityDev is also on the lookout for investors to monetise its high-end assets via third profit-participation securities.

“We also expect another round of PPS to potentially unlock value from its South Beach project, with a GDV north of SGD3bn. The re-inclusion of the stock into the FTSE EPRA/NAREIT Global Developed Index may also continue to support the share price in the near term,” RHB Research said.

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