Key Indices
Top Stories
Company Update | City Developments (CIT SP/BUY/S$7.59/Target: S$11.85)
- CIT’s aim to recycle and reinvest for growth should unlock embedded portfolio value and lighten balance sheet. A potential S$1b in gains from the S$6b planned asset sale could translate to an additional S$0.39 of DPS, while the reduction in gearing to 55% by end-29 could result in operating and interest cost savings, notwithstanding the income vacuum from divested assets. This, together with its strategy to double AUM, could lead to greater capital efficiency and ROE uplift in the longer term. Maintain BUY; target price: S$11.85.
Market Spotlight
- US stocks were lower on Monday. All indices fell as the communication services, consumer discretionary and financials sectors slid. There were more decliners than advancers on both the NYSE and Nasdaq.
- The FSSTI rose 17.90pt to 5,729.02, on the back of strength in OCBC, DBS and Singtel, with both mid-and smallcap indices falling with a broad market advance on S$1.90b turnover.
Technical Analysis
Top Glove Corp (TOPG SP)
- Trading Buy Range: S$0.230-0.235
Wilmar International (WIL SP)
- Trading Sell Range: S$3.63-3.64
Top Stories
Company Update | City Developments (CIT SP/BUY/S$7.59/Target: S$11.85)
- CIT’s aim to recycle and reinvest for growth should unlock embedded portfolio value and lighten balance sheet. A potential S$1b in gains from the S$6b planned asset sale could translate to an additional S$0.39 of DPS, while the reduction in gearing to 55% by end-29 could result in operating and interest cost savings, notwithstanding the income vacuum from divested assets. This, together with its strategy to double AUM, could lead to greater capital efficiency and ROE uplift in the longer term. Maintain BUY; target price: S$11.85.
Market Spotlight
- US stocks were lower on Monday. All indices fell as the communication services, consumer discretionary and financials sectors slid. There were more decliners than advancers on both the NYSE and Nasdaq.
- The FSSTI rose 17.90pt to 5,729.02, on the back of strength in OCBC, DBS and Singtel, with both mid-and smallcap indices falling with a broad market advance on S$1.90b turnover.
Technical Analysis
Top Glove Corp (TOPG SP)
- Trading Buy Range: S$0.230-0.235
Wilmar International (WIL SP)
- Trading Sell Range: S$3.63-3.64
Key Indices
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