“The continued buyback reiterates management’s confidence in its business and outlook as well as the significant value on offer with CDL's share price at a deep discount to the NAV per share of $10.12 and CDL’s estimated RNAV of $19.46,” JP Morgan says.
Analysts from Citi Research and JP Morgan like that City Developments (SGX:C09
) has reignited its share buyback programme after a five-year hiatus.
On March 11, CDL announced it had bought back 304,400 for an average price of $5.84 per share while on March 8, the company bought back 954,000 shares at an average price of $5.75 per share.
