SINGAPORE (Dec 11): DBS Group Research is reiterating its “hold” call on City Developments (CityDev) with a lower target price of $9.50.

This is despite the stock trading at attractive valuations at close to 2SD below historical P/NAV average.

In a Tuesday report, lead analyst Rachel Tan sees limited catalyst for the stock and sector given expectations of a property market slowdown, which historically implies that the stock will be trading in a range.

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