Analyst View (CGS International – Lock Mun Yee):

• Earnings visibility improving due to:
  • Land parcel acquisitions: Three parcels acquired YTD could yield 1,400–1,500 residential units, supporting future earnings.
  • Strong residential sales in Singapore: 3Q business update shows robust take-up at new launches, boosting development operations.
• Valuation: Stock currently inexpensive relative to its 10-year average.

Recommendation & Price Target:

• Rating: Add
• Target Price (TP): S$8.97
• Current Price: S$7.22 (+0.3%)

Outlook:
City Developments’ pipeline and residential demand in Singapore provide solid earnings support, making the stock attractive relative to historical valuation metrics.