"We see CDL as a near-term tactical play with room for valuation catch-up," states Food in her Jan 15 note.
Tabitha Foo of DBS Group Research has kept her "buy" call and $11.80 target price on City Developments, which has gained more than 80% in the past year.
Even then, Foo believes that there's more room to go, as compared to other big property companies, CDL is still trading at a bigger discount.
