SINGAPORE (Aug 14): OCBC Investment Research has upgraded its call on City Developments (CityDev) to “buy” from “hold” with a higher fair value estimate of $12.39 from $10.50 previously, after updating its valuation model with its latest assumptions and firmer average selling prices (ASPs).
This comes after the developer last week announced earnings of $109.9 million for the quarter ended June, down 17.9% from $133.8 million in 2Q16 and in line with the research house’s estimates.
See: CityDev CEO Grant Kelley resigns; developer posts 18% drop in 2Q17 earnings to $110 mil
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