CDL besides unlocking significant value and delivering accretion to net asset value, Citi expects a higher pace of asset monetization. This could lead to lower net gearing and higher dividends, which are key share-price catalysts.
Citi maintains the stock's buy rating and target price of S$9.51
At the end of the day, the group needs to "work hard" to close the gap between its share price and its RNAV of $19.68 , which goes back to executing its strategy well, says Kwek.
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