City Dev

City Dev: Daiwa upgrades to Underperform from sell, raises TP marginally to $9.70 from $9.50. Notes the shares have underperformed the STI severely since the start of the year, and some risk factors appear to have been discounted. But the house remains wary of the Singapore residential market and risks of, i) a rapid build up of inventory if home sales slow severely from 2H13, and ii) record high no. of deliveries of >200k units (public and private) from 2013-17.