SINGAPORE (Mar 20): RHB is resuming coverage on City Developments (CDL) with an upgrade to “buy” from “take profit”, and a revised target price of $15 from $11.30 previously on expectations of an impending recovery of the residential segment this year.
In a Tuesday report, analyst Vijay Natarajan highlights the stock as “the best proxy for investors looking to tap into the residential segment’s recovery” considering its status as one of the largest listed residential land bank owners in Singapore.
With an unsold inventory of about 3,859 units, CDL also one of the developers with the highest unsold units, he notes, which could pose further upside in the case of a stronger-than-expected rebound in local residential property prices.
For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
