DMG cuts SC Global (D2S.SG) target price to $1.90 from $2.26, pegged at 20% discount to end-FY11 RNAV, to reflect lower trading liquidity, smaller market cap, according to Dow Jones.

Still, DMG is keeping its Buy call, noting stock trades at steep 35% discount to RNAV, offers exposure to luxury residential segment in Singapore. Says Hilltops and The Marq projects, both expected to be completed by end-FY10, will be key catalyst for share price when launched.

Notes high-end home prices remain 20% off last upcycle peak, with demand supported by foreigners, especially Chinese, due to firmer RMB.

Shares flat at $1.57.