CityDev rating raised to 'Neutral' at Macquarie

Stock Name: CITYDEV
Company Name: CITY DEVELOPMENTS LIMITED
Research House: MacQuarie

City Developments, Singapore’s second-largest property developer, was raised to “neutral” from “underperform” at Macquarie Group, which said the stock is “fairly valued” and the company’s core profits are “stable”. The brokerage lowered its share-price estimate to $10.39 from $10.80, according to a report by analysts Tuck Yin Soong and Elaine Cheong.