City Developments Could Be Near-Term Play on Possible Special Dividend

Dow Jones01-16

0302 GMT - City Developments' stock could be a near-term tactical play on the property developer's potential special dividend and rising valuation, says DBS Group Research's Tabitha Foo in a note. The stock has risen 12% year to date, she says. CDL still offers compelling value despite the share rally as it trades at an attractive 0.49X price to revalued net asset value ratio and at a discount to peer UOL, she adds. Market concerns over its gearing--relatively stable at 0.70X--could be overstated. She expects CDL to benefit from "meaningful interest rate relief" thanks to a favorable refinancing cycle. DBS maintains its buy rating and S$11.80 target price on CDL, which rises 2.1% to S$9.14. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

January 15, 2026 22:02 ET (03:02 GMT)

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