City Developments' Strategic Review Could Be Key Share-Price Catalyst -- Market Talk

Dow Jones04-06 14:00

0600 GMT - The conclusion of City Developments' strategic review could be a key share-price catalyst, says Citi's Brandon Lee in a note. He likes the stock for its undemanding valuation, noting that the company has sustained capital recycling plans and serves as a proxy to Singapore's improving residential sector. However, Lee cuts his estimates for CDL's 2026 and 2027 core profit after tax and minority interests by 17% and 8.9%, respectively. He cites changes in the company's residential-sales recognition, asset sales and project completion dates, and updated foreign-exchange assumptions as reasons. Citi trims its target price on CDL to S$11.53 from S$12.63 on a lower reassessed net asset value, but maintains a buy rating. The stock is up 1.0% at S$8.28. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

April 06, 2026 02:00 ET (06:00 GMT)

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He likes the stock for its undemanding valuation, noting that the company has sustained capital recycling plans and serves as a proxy to Singapore's improving residential sector. However, Lee cuts his estimates for CDL's 2026 and 2027 core profit after tax and minority interests by 17% and 8.9%, respectively. He cites changes in the company's residential-sales recognition, asset sales and project completion dates, and updated foreign-exchange assumptions as reasons. Citi trims its target price on CDL to S$11.53 from S$12.63 on a lower reassessed net asset value, but maintains a buy rating. The stock is up 1.0% at S$8.28. 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