Singapore Stock Market News
City Developments - Deferring Launch Plans
StockFanatic
Publish date: Mon, 13 Aug 2018, 03:14 PM
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1H18 EPS is in line, at 44% of our FY18E estimate. Nonetheless, we trim FY18E EPS by 5% to adjust for its deferred launch plans, while keeping FY19-20E numbers. Consequently, our RNAV dips to SGD13.88 from SGD13.91. Our TP stays at SGD10.40, a 25% discount to RNAV. With the stock trading close to -1SD of its 10-year average RNAV discount, we believe the market has priced in potential residential-market weakness. Maintain HOLD. Prefer UOL and CapitaLand for sector exposure. Read More
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