City Developments (CityDev) is too cheap to ignore, according to DBS Group Research in an Aug 6 report. The stock is currently trading at 0.7 times price-to-net asset value (P/NAV), which is close to -1.5 standard deviation (SD) of its five-year historical trading band.

With that, lead analyst Rachel Tan continues to rate CityDev a “buy” with a lower target price of $10.50 from $13.00 previously.

Although the Covid-19 pandemic has impacted most of CityDev’s business segments especially the hospitality sector, its current share price has priced in most of the downside risks.

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