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. $CityDev(C09.SI)$ $BIDU-SW(09888)$ $BYD COMPANY(01211)$ $DBS GROUP HOLDINGS LTD(D05.SI)$