"The focused execution of value-unlocking plans remains a key catalyst in narrowing its huge trading discount to RNAV. This is augmented by the recent strengthening of its Board and resilient Singapore market, where it has a dominant presence," says Natarajan, who is keeping his "buy" call and $11.20 target price.
Vijay Natarajan is staying positive on City Developments, ahead of its strategic review expected by the third quarter this year.
"We expect greater clarity on assets identified of around $5 billion and timeline for capital recycling, key investment pillars and capital allocation strategies to enhance its flagging ROE," says the RHB Bank Singapore analyst in his June 2 note.
