City Developments' Stock Run Spurs Rating Downgrade -- Market Talk

Dow Jones
11/20

0841 GMT - City Developments' recent share-price performance leads Phillip Securities Research's Darren Chan to cut his rating on the stock to accumulate from buy. The analyst's unchanged target price of S$8.34 is a 35% discount to his revalued net asset value of S$12.82. He anticipates strong take-up rates at CDL's launched projects and a faster pace of asset sales could help narrow this discount. The hotel segment could also benefit from a 4Q recovery in Singapore's hospitality sector, supported by large-scale events, such as the Formula One Singapore Grand Prix in October and Korean pop band Blackpink's November concert. CDL shares rise 1.4% to S$7.32. The stock is 44% higher year to date. (megan.cheah@wsj.com)

 

(END) Dow Jones Newswires

November 20, 2025 03:41 ET (08:41 GMT)

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