PhillipCapital has re-initiated coverage on City Developments Limited on Sept 20 with a “buy” call and a target price of $9.19.

According to analyst Natalie Ong, the counter is trading at an attractive 49% discount to the brokerage’s revised net asset value (RNAV) per share of $14.14.

“Asset monetisation and faster-than-expected recovery in hospitality portfolio are potential catalysts for CDL while recent asset enhancement initiatives (AEIs) and redevelopments should strengthen income stream and portfolio,” she writes.

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