City Dev: (S$8.33) Attempts third PPS worth $350m
- Involves a portfolio of 48 apartments.
- Developer said to be guaranteeing a 3% coupon for co-investors, in addition to a 7% preferred return that is not guaranteed.
- The move may be seen as a positive.
- MKE keeps its Buy rating and TP of $9.82, based on an implied 18% discount to RNAV of $11.91.
No comments:
Post a Comment