City Developments Has Several Catalysts in Its Favor -- Market Talk

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City Developments Has Several Catalysts in Its Favor -- Market Talk

Dow Jones2023-03-06

0729 GMT - City Developments' near-term outlook seems bright thanks to a number of potential catalysts, including improving transaction volumes in Singapore's residential market, Daiwa Capital analysts David Lum and Celine Tan say in a research note. The property developer also has a relatively healthy launch pipeline of 2,100 units over 2023-2024, and seems capable of boosting margins with the help of its Newport Residences project that is due to launch in 1H and likely has a low landbank cost, the analysts say. Daiwa maintains a buy rating on the stock, citing an attractive discount to net asset value, but cuts its target price to S$9.56 from S$10.03 after 2H 2022 net profit missed expectations. Shares are 0.7% lower at S$7.54. (justina.lee@wsj.com)

(END) Dow Jones Newswires

March 06, 2023 02:29 ET (07:29 GMT)

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Eagle88
·2023-03-06
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