SINGAPORE (Dec 1) :
Market Hasn’t Priced In This Developer’s Full Value Yet. Should investors jump in now?
City Developments has been actively unlocking the value of its portfolio through asset monetization, and has another $3 billion worth of assets remaining that are suitable for injection into funds. Yet, its share price is trading at a 33% discount to its revalued net asset value.
UBS analysts Michael Lim and Kok Wai Fai are, however, unfazed by it. “There has been positive momentum on asset monetization though the share price reaction to these transactions has been muted,” wrote the pair in a note on Wednesday. “We believe with continued execution on capital recycling, there is scope for the discount to narrow.”
As such, UBS is maintaining its “buy” recommendation on CDL with a lower target price of $9.90 from $10.05 previously.
To date, CDL has injected $3.5 billion in assets into three Profit Participation Schemes (PPS) and is expected to achieve its target of $5 billion by FY18.
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- DBS
- OCBC BANK
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