City Dev: Nomura keeps Neutral call, raises target price to $13.00 from $12.26; highlighting 54%-owned M&C, which accounts for 14% of group’s intrinsic asset value, still trading below historical average. Flags prospect of an asset swap deal similar to Keppel Land/K-REIT could technically be replicated at City Dev and its entities.
Raises CityDev NAV to $13.00/share from $12.26, chiefly to reflect higher value for Republic Plaza, gain from sale of The Corporate Office, higher ASP for NV Residences & higher valuation of M&C, much of it already priced in.
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