CDL overhang lifted with PPS for Nouvel 18

SINGAPORE (Oct 21): Maybank Kim Eng is maintaining its “hold” call on City Developments Limited (CDL) with a target price of $9.42, citing the lifting of a key stock overhang in Nouvel 18.

In a Friday note, analyst Derrick Heng highlighted that CDL has successfully navigated its qualifying certificate (QC) deadline with a profit participation securities (PPS) for Nouvel 18, lifting a key stock overhang, but is still strapped for stock catalysts.

(See also: CDL monetises Nouvel for $977.6 mil via profit participation securities)

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