Singapore Stock Market News
City Developments - Evolving times
StockFanatic
Publish date: Fri, 28 Feb 2014, 11:02 AM
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We think the protracted weakness in the domestic housing market will remain the key drag on its share price, despite a depleting inventory and initiatives to diversify out of Singapore. We suspect its overseas platform is unlikely to tempt investors, at this point. Short of catalysts, we believe that valuation is now the only reason to buy the stock.
Maintain Hold. FY13 core EPS was above our expectations, at 110% of our full-year forecast (4Q13 at 43%), but in line with consensus (98%). The variance came from stronger profit recognitions at the associate level - a timing issue. We cut our FY14-16 core EPS by 1-19% on slower sales, and lower our target price on a wider 25% discount to RNAV (15% previously), or 1 s.d. below its historical mean P/BV.
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