Elevator Pitch
I maintain my Neutral rating on diversified property conglomerate City Developments Limited (OTCPK:CDEVY) (OTCPK:CDEVF) [CIT:SP].
This is an update of my prior initiation article on City Developments published on March 16, 2020. City Developments' share price has declined by -3% from S$8.28 as of March 13, 2020 to S$8.02 as of September 16, 2020, since my initiation. City Developments trades at 0.69 times P/B and 0.48 times P/RNAV (Revalued Net Asset Value), and it offers a consensus forward FY 2020 dividend yield of 1.6%.
City Developments' net profit fell