Iggy's Journal: UOB Kay Hian Puts an $11.85 Target on City Developments. Its Operating Profit Doesn't Cover the Interest Bill. 25 September 2026, Evening Video Release I keep coming back to one number on this one: 0.99 times interest coverage. CDL's RNAV story may well be real, but paper asset value doesn't pay an interest bill, and that's the gap between the target price and what the balance sheet is actually telling me right now. The Numbers UOB Kay Hian's $11.85 target depends on actual, fairly priced disposals happening, not simply on a strategic review headline being announced. The numbers underneath tell a harder story. Gearing sits at 69 percent, nearly double the 35 percent ceiling I use as a hard gate. Net debt to EBITDA is at 15.7 times, well past the 10 times mark I treat as a r