City Developments - RHB Invest 2016-06-03: Inclusion of FTSE EPRA/NAREIT Global Developed Index

City Developments - RHB Invest 2016-06-03: Inclusion of FTSE EPRA/NAREIT Global Developed Index CITY DEVELOPMENTS LIMITED C09.SI 

City Developments - Inclusion of FTSE EPRA/NAREIT Global Developed Index 

  • FTSE announced its quarterly review for the FTSE EPRA/NAREIT Global Real Estate Index, Asia region yesterday. 
  • Based on the review City Developments (CIT SP, BUY TP: SGD9.35) will be added to the FTSE EPRA/NAREIT Global developed index effective 20 June 2016. 
  • The FTSE EPRA/NAREIT Global Real Estate Index Series is designed to track the performance of listed real estate companies and REITS worldwide. 
  • Recall that we have highlighted earlier in our note (dated 12th May) that there is a 50% chance of CDL being re-included in the index. The news is positive for CDL as the index is widely used as benchmark by Exchange Traded Funds worldwide. 
  • This is in addition to the potential monetisation of its assets via a third participation securities will act as a near-term catalyst for the share price. 
  • CDL is our conviction BUY in the property space with a target price of SGD9.35.




Vijay Natarajan RHB Invest http://www.rhbinvest.com.sg/ 2016-06-03
RHB Invest SGX Stock Analyst Report BUY Maintain BUY 9.35 Same 9.35


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