CITY DEVELOPMENT LTD ... RNAV : $12.60 .. TARGET PRICE $10.50
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.
$DBS GROUP HOLDINGS LTD(D05.SI)$
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Sales transactions in Nov’24-MTD of almost 2,000 units has exceeded that of 1H24, with sales driven by local home buyers as HDB resale prices remain firm, supporting homeowners in their upgrading journey
Market share for Propnex (46% of transactions) has outpaced ERA (or APAC Realty) (28% of transactions); agency revenues for both likely to turn higher in 2025
Prefer property developers (CityDev) which have substantial sell-through sales, with minimal downside risk to earnings / RNAVs
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Sales transactions in Nov’24-MTD of almost 2,000 units has exceeded that of 1H24, with sales driven by local home buyers as HDB resale prices remain firm, supporting homeowners in their upgrading journey
Market share for Propnex (46% of transactions) has outpaced ERA (or APAC Realty) (28% of transactions); agency revenues for both likely to turn higher in 2025
Prefer property developers (CityDev) which have substantial sell-through sales, with minimal downside risk to earnings / RNAVs
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Great article, would you like to share it?
Great article, would you like to share it?
Great article, would you like to share it?
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