SINGAPORE (Nov 17): DBS Group Research is maintaining its view that the Singapore property market remains on a “modest correction path” while highlighting that developers trading at 0.75x P/NAV still remain attractive.
The research house’s top “buy” picks are City Developments Limited (CDL), CapitaLand and UOL Group at target prices of $9.90, $7.20 and $3.60 respectively.
In a Wednesday note, analyst Derek Tan underscores these stocks for their diversified earnings streams with strong earnings visibility; strong balance sheets which imply “ample capital to deploy opportunistically”; as well as catalysts from asset-recycling activities.
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