Brokers' take
City Developments Limited (CDL) | Hold (downgrade) Fair value: S$9.59 July 9 close: S$9.62 OCBC Investment Research, July 9
We expect CDL to be one of the worst hit among the developers under our coverage. Following this latest round of stiff government cooling measures, we expect CDL's local residential sales momentum and margins to come under pressure.
We apply a significantly higher RNAV discount of 40 per cent (previously 5 per cent), as our previous thesis of CDL being a…
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