DBS MAINTAINED A BUY FOR CITYDEV ; TARGET PRICE $10.50

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DBS MAINTAINED A BUY FOR CITYDEV ; TARGET PRICE $10.50

SPOT_ON
11-05

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.

$DBS GROUP HOLDINGS LTD(D05.SI)$

@TigerWire

@TigerStars

@Tiger_SG

@TigerObserver

# 💰 Stocks to watch today?(22 Nov)

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SPOT_ON
·11-05
[Call] [Call] [Call] [Call] [USD] [USD] [USD] [USD] [Like]
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Ivan 文
·11-16
不知道要多久时间到过 10.00
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SPOT_ON
·11-20 09:01
Great article, would you like to share it?
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SPOT_ON
·11-05
Great article, would you like to share it?
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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.</h3>\n<h3><br></h3>\n<h3>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.</h3>\n<h3><a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$&nbsp;</a>&nbsp;</h3>\n<h3><a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$&nbsp;</a>&nbsp;</h3>\n<h3><a href=\"https://ttm.financial/S/D05.SI\">$DBS GROUP HOLDINGS LTD(D05.SI)$&nbsp;</a>&nbsp;</h3>\n<h3><a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$ </a>&nbsp;</h3>\n<h3><a href=\"https://ttm.financial/U/3527667670347831\">@TigerWire </a>&nbsp;</h3>\n<p><a href=\"https://ttm.financial/U/9000000000000149\">@TigerStars </a>&nbsp;</p>\n<p><a href=\"https://ttm.financial/U/4106547232749330\">@Tiger_SG </a>&nbsp;</p>\n<p><a href=\"https://ttm.financial/U/9000000000000439\">@TigerObserver </a>&nbsp;</p>\n<p class=\"t-img-caption\" style=\"display: flex; flex-direction: column; align-items: center;\"><img src=\"https://community-static.tradeup.com/news/ce3e22793a43b4aec31a10f1a70e873d\" tg-width=\"196\" tg-height=\"257\"><span></span></p>\n<p class=\"t-img-caption\" style=\"display: flex; flex-direction: column; align-items: center;\"><img src=\"https://community-static.tradeup.com/news/7f4fd75c628c773e47b8eb64a5591e4d\" tg-width=\"312\" tg-height=\"161\"><span></span></p>\n<h3><br></h3></body></html>","htmlText":"<html><head></head><body><h3><a href=\"https://ttm.financial/S/C09.SI\">$CityDev(C09.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp;</h3>\n<h3>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.</h3>\n<h3><br></h3>\n<h3>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.</h3>\n<h3><a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$&nbsp;</a>&nbsp;</h3>\n<h3><a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$&nbsp;</a>&nbsp;</h3>\n<h3><a href=\"https://ttm.financial/S/D05.SI\">$DBS GROUP HOLDINGS LTD(D05.SI)$&nbsp;</a>&nbsp;</h3>\n<h3><a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$ </a>&nbsp;</h3>\n<h3><a href=\"https://ttm.financial/U/3527667670347831\">@TigerWire </a>&nbsp;</h3>\n<p><a href=\"https://ttm.financial/U/9000000000000149\">@TigerStars </a>&nbsp;</p>\n<p><a href=\"https://ttm.financial/U/4106547232749330\">@Tiger_SG </a>&nbsp;</p>\n<p><a href=\"https://ttm.financial/U/9000000000000439\">@TigerObserver </a>&nbsp;</p>\n<p class=\"t-img-caption\" style=\"display: flex; flex-direction: column; align-items: center;\"><img src=\"https://community-static.tradeup.com/news/ce3e22793a43b4aec31a10f1a70e873d\" tg-width=\"196\" tg-height=\"257\"><span></span></p>\n<p class=\"t-img-caption\" style=\"display: flex; flex-direction: column; align-items: center;\"><img src=\"https://community-static.tradeup.com/news/7f4fd75c628c773e47b8eb64a5591e4d\" tg-width=\"312\" tg-height=\"161\"><span></span></p>\n<h3><br></h3></body></html>","text":"$CityDev(C09.SI)$ Trading at “distressed valuations”. 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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. $Meta Platforms, Inc.(META)$ $NVIDIA Corp(NVDA)$ $DBS GROUP HOLDINGS LTD(D05.SI)$ $Tiger Brokers(TIGR)$ @TigerWire @TigerStars @Tiger_SG 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