Stock Track | CityDev Plummets 3.15% as Analyst Suggests More Asset Sales Following California Divestment

Stock Track

Nov 21

CityDev (C09.SI) shares plummeted 3.15% during Friday's intraday trading session, as investors reacted to news of recent asset sales and speculation of further divestments. The stock's decline comes amid a broader discussion about the company's strategy for capital recycling and asset management.

According to Citi analyst Brandon Lee, CityDev could be poised to sell additional assets following the recent divestment of a California residential property by one of its wholly owned subsidiaries. This latest deal has brought CityDev's total completed sales for the year to approximately S$1.94 billion, underscoring the company's commitment to active capital management.

Lee also noted that CityDev is in advanced talks to sell a retail development on Singapore's Sentosa island, further indicating the company's strategic shift towards streamlining its portfolio. Despite the stock's recent decline, Citi maintains a buy rating on CityDev with a target price of S$9.01, suggesting potential upside for investors willing to look past short-term volatility.

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The stock's decline comes amid a broader discussion about the company's strategy for capital recycling and asset management.</p>\n\n<p>According to Citi analyst Brandon Lee, CityDev could be poised to sell additional assets following the recent divestment of a California residential property by one of its wholly owned subsidiaries. This latest deal has brought CityDev's total completed sales for the year to approximately S$1.94 billion, underscoring the company's commitment to active capital management.</p>\n\n<p>Lee also noted that CityDev is in advanced talks to sell a retail development on Singapore's Sentosa island, further indicating the company's strategic shift towards streamlining its portfolio. Despite the stock's recent decline, Citi maintains a buy rating on CityDev with a target price of S$9.01, suggesting potential upside for investors willing to look past short-term volatility.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"C09.SI","symbol_name":"城市发展","start_time":0,"source_url":"","article_id":"1131052462","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1131052462","pubTimestamp":1763702298,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"CityDev (C09.SI) shares plummeted 3.15% during Friday's intraday trading session, as investors reacted to news of recent asset sales and speculation of further divestments. 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