City Dev

City Dev: Post meeting with mgt, StanChart highlights several strategic options that City Dev has at its disposal, - potential to list a retail REIT, backed by its 1.7m sf retail portfolio in Singapore (eg. Palasi Renaissance, City Square Mall) and Thailand. - Potential redevt of US and UK assets for higher uses, to extract value via its 55% owned Millennium & Copthorne. The house notes City Dev mgt was rethinking some of its strategies as the operating conditions and regulatory environment in Singapore becomes more challenging. City Dev says it will not comment on analysts’ views. Given the recent market focus on the likes of OUE and SPH after they announced REIT spin off plans, any new significant corporate moves by City Dev may trigger a share price rerating as well. The stock trades at 1.4x P/B, offers 1.2% yield.