To The Moon

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

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

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

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

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

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

$CityDev(C09.SI)$ Trading at “distressed valuations”. City Dev is trading at an attractive valuation at 0.6x P/NAV (book value at cost), below the low seen during the global financial crisis (GFC). We believe City Dev is a good long term buy due to its plans of proactive efforts to unlock more values, a measure the market has yet to appreciate, in our view. Moreover, potential activation of share buyback will limit any downside risks. Maintain BUY; TP of SGD10.50. Our TP of SGD10.50 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