SINGAPORE (Jan 16): CIMB is retaining its sector “overweight” on Singapore’s property market while anticipating for primary home sales to improve y-o-y to 11,000 to 12,000 units, and private home prices to rise by up to 5% y-o-y.
Developers UOL and City Developments (CDL) have been rated as the research house’s top “add” picks at target prices of $13.15 and $9.62 respectively.
In a Monday flash note, analyst Lock Mun Yee says CDL’s land restocking activity should enable the group to continue riding the residential upcycle and underpin its RNAV expansion, while noting that the stock is trading at a 21% discount to RNAV as of last Friday’s closing price of $13.04.
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