CityDev Stock Falls 3%. Citi Analyst Says CityDev Could Sell More Assets
Dow Jones
Nov 21
City Developments could sell further assets following the divestment of a wholly owned unit's California residential asset, says Citi analyst Brandon Lee in a note. The latest deal signals the property developer's commitment to proactive capital recycling and would bring completed sales year to date to around S$1.94 billion.
The wholly owned unit that housed the residential asset appears to be undervalued and offers divestment potential, Lee says. CDL is also in advanced talks to sell a retail development on Singapore's Sentosa island, he adds. Citi maintains its buy rating and S$9.01 target on the developer.
Shares fell 3% to S$7.08.
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