DBS MAINTAINED A BUY FOR CITYDEV ; TARGET PRICE $10.50

SPOT_ON
11-05 08:41

$CityDev(C09.SI)$  

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 assets and potential asset recycling.

$Meta Platforms, Inc.(META)$  

$NVIDIA Corp(NVDA)$  

$DBS GROUP HOLDINGS LTD(D05.SI)$  

$Tiger Brokers(TIGR)$  

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# 💰 Stocks to watch today?(07 Nov)

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  • SPOT_ON
    ·11-05 08:42
    [Call] [Call] [Call] [Call] [USD] [USD] [USD] [USD] [Like]
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  • SPOT_ON
    ·11-05 10:11
    Great article, would you like to share it?
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