SINGAPORE (Nov 26): Credit Suisse has resumed coverage of City Developments Ltd (CDL) on the premise that the property giant’s “underappreciated” portfolio of investment properties has value that can be unlocked.

The brokerage notes that as of Sep 2015, CDL's investment properties are held at $3.1 billion, less than half the $7.6 billion gauged by Credit Suisse, which has a $12 target price and “outperform” call on the stock.

CDL’s office portfolio alone is worth $3.9 billion, which includes “stabilised assets” such as Republic Plaza, likely worth $1.8 billion; Fuji Xerox Towers ($600 million) and Manulife Centre, which may fetch $360 million.

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