CITY DEVELOPMENT LTD ... RNAV : $12.60 .. TARGET PRICE $10.50

SPOT_ON
12-23 09:35

Maintain BUY; TP of S$10.50. Our TP of S$10.50 is based on a 35% discount-to-RNAV which implies a 1x P/NAV, slightly above -0.5SD of its historical range. Our TP upsides are mainly from a potential re-rating from the realization of its RNAV with the completion of development assets and potential asset recycling.


$CityDev(C09.SI)$  

$BIDU-SW(09888)$  

$BYD COMPANY(01211)$  

$DBS GROUP HOLDINGS LTD(D05.SI)$  

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Comments

  • SPOT_ON
    12-23 10:46
    SPOT_ON
    //@SPOT_ON: Property buyers lapped up recent new launches - Emerald of Katong (99% sold at SGD2,621psf), Nava Grove (65% sold at SGD2,448psf) and Novo Place EC (57% sold at SGD1,654psf)
    Sales transactions in Nov’24-MTD of almost 2,000 units has exceeded that of 1H24, with sales driven by local home buyers as HDB resale prices remain firm, supporting homeowners in their upgrading journey
    Market share for Propnex (46% of transactions) has outpaced ERA (or APAC Realty) (28% of transactions); agency revenues for both likely to turn higher in 2025

    Prefer property developers (CityDev) which have substantial sell-through sales, with minimal downside risk to earnings / RNAVs

  • SPOT_ON
    12-23 09:45
    SPOT_ON
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    load up cheap !!! [Like] [Like] [Like] [Like] [Like]

  • SPOT_ON
    12-23 10:20
    SPOT_ON
    Property buyers lapped up recent new launches - Emerald of Katong (99% sold at SGD2,621psf), Nava Grove (65% sold at SGD2,448psf) and Novo Place EC (57% sold at SGD1,654psf)
    Sales transactions in Nov’24-MTD of almost 2,000 units has exceeded that of 1H24, with sales driven by local home buyers as HDB resale prices remain firm, supporting homeowners in their upgrading journey
    Market share for Propnex (46% of transactions) has outpaced ERA (or APAC Realty) (28% of transactions); agency revenues for both likely to turn higher in 2025

    Prefer property developers (CityDev) which have substantial sell-through sales, with minimal downside risk to earnings / RNAVs

  • SPOT_ON
    12-23 09:40
    SPOT_ON
    [Call] [Call] [Call] [Call] [USD] [USD] [USD]
  • SPOT_ON
    12-24 10:23
    SPOT_ON
    Great article, would you like to share it?
  • KyiMoney
    12-24 08:09
    KyiMoney

    ⛺

    • SPOT_ON: 
      [ShakeHands] [ShakeHands] [Heart]
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