CDL kept at 'outperform' with revised target price of $12.30 by Credit Suisse

Stock Name: CityDev
Company Name: CITY DEVELOPMENTS LIMITED

Research House: Credit Suisse

Price Call: BUY

Target Price: 12.30

SINGAPORE (Feb 17): Credit Suisse AG Singapore has revised its target price for City Developments Ltd (CDL) to $12.30 from $12.25 based on a 10% discount to its revalued net asset value (RNAV) of $13.70.

The research house also cut CDL's estimated financial year ending Dec 31, 2015 (FY15) and FY16 core profits by 10% to 17%.

"This is as we pushed out our resi sales assumptions given the soft market," said Credit Suisse research analysts Yvonne Voon and Daniel Lim in a note today.