City Dev: RBS upgrades to Hold vs Sell and lifts iRNAV-based TP to $11.90 vs $10.93 to reflect higher valuations of the developer's commercial properties and its Millennium & Copthorne unit. Expect the capital value of CDL's commercial portfolio to appreciate next year on the back of higher transaction volume and rents….
Note that the hotel arm M&C should continue to do well as global economic conditions improve, but expects housing-market curbs in SG to continue to weigh, due to continued high liquidity in Asia. Consider it highly probable that the govt will introduce harsher regulations to deflate the property bubble.
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