Highlights

City Developments upgraded to Hold from Sell by RBS
Date: 13/08/2010

Source  :  RBS
Stock  :  CityDev       Price Target  :  11.00      |      Price Call  :  HOLD
        Last Price  :  6.02      |      Upside/Downside  :  +4.98 (82.72%)
 

RBS upgrades City Developments (C09.SG) to Hold from Sell, raises target price to $11.00 from $9.10, says Dow Jones.

RBS says 2Q earnings show strong residential sales churn: “We are now more optimistic on the outlook for grade B offices thanks to strong economic growth.”

Upgrade also reflects higher market valuation for Millennium & Copthorne subsidiary, higher-than-expected average selling prices for residential projects. But warns “stock is fully valued now and the prime residential sector (17% of RNAV) will continue to see slow volumes, in our view.”

Share price last +0.3% at $12.04.


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