not vested
Delayed gratifications in Core Central Region properties3rd Tranche of PPS involving Nouvel 18 unlocked value for shareholders, avoided impending QC charges and grew fund management business
Strong take up of newly launched Forest Woods condominium suggests homebuyers continue to favour smaller-sized units
South Beach is on track to be fully completed by 4Q16; office and retail space largely leased
Initiating coverage with “ACCUMULATE” rating and
target price of S$9.98We favour CDL for its exposure to CCR inventory and strong balance sheet, and we believe that the market has overly discounted the developer. This is on top of the fact that CDL holds its investment properties based on historical cost.
With the successful launch of 3rd tranche of PPS, CDL does not face any impending Qualifying Certificate (QC) charges or claw back of Additional Buyer’s Stamp Duty (ABSD) remission until September 2017.
Source: Phillips
http://internetfileserver.phillip.com.s ... 161024.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"