Recovery around the corner
■ CD’s net profit fell 38% qoq to S$34.8m in 2Q21, in line with our expectations
but below consensus. Interim dividend payout was reinstated.
■ We believe the worst is likely over. Social mobility is set to improve in 2H21
as Singapore reopens its economy after reaching a high vaccination rate.
■ Reiterate Add. Our TP remains at S$1.80.