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if break 5, will cut lose liao.. sian man!!!
Anyone know when is the Financial report date for this counter?
not to spoil everyone's bullish mood on this stock..
but the charts show that it may go lower from here..
today vol pretty high on wide spread..shows signs of "dumping"
enter 3lots at 5.16
Rights issue is in vogue this year. The sooner the companies do it the better.Opportunities abound.
freeme ( Date: 04-Feb-2009 21:38) Posted:
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ya... scare me liao.. just get in at 5.29 den fall near 5..
what's wrong with this counter?? already trading at 52 wk low and is still dropping so fast???
Lately, market sentiment is poor for property related stocks. And shortists are happy go round shorting these counters making money. Sad.
I read something like 50% of the ppty coys are planning for some sort of RI...that's amazing, perhaps its just estimation but i did read it some where.
yeah man i agree..gnn..dunno who go n spread the rumour one...
freeme ( Date: 04-Feb-2009 21:38) Posted:
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knn nowaday so many rumours on rights issue
hi limkt009,
thanks for the info. Saw the notice on SGX website. Hope to see a rebound tmr, else may consider to do a DCA.
cheers,
oinkoink
limkt009 ( Date: 04-Feb-2009 18:54) Posted:
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From SGX:
The Management of City Developments Limited (the "Company") has received enquiries with regards to rumors in the market that the Company is or may be planning a rights issue of ordinary shares. The Company wishes to clarify that such rumors are not true.
I dun think BB is playing, just kena short by shortist... watch out this fellow, it might move fast tomorrow as it's oversold and the price is attractive ...
it beats me too..looks like BB is switching from CapLand to City now? kns...
coolblue ( Date: 04-Feb-2009 16:51) Posted:
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Anyone know what happen to this counter today??
Citigroup raises CityDev target price to $12.21 from $12.04 to reflect net gains from 53%-owned Millennium & Copthorne's divestment of CDL Hotels (Korea), the holding company of Millennium Seoul Hilton, for KRW580 m (about GBP287.9 m). Notes hotel acquired in 1999 at half the sale price, or around GBP144.6 m; estimates implied price per room for 685-room hotel is US$830k. Estimates CityDev's pretax gain at $425 m; assuming 30% capital gains tax, net gain could amount to $158 m. "The transaction once again reflects the astute management of the group." Keeps at Buy.
CityDev bucking decline by other blue chip developers, possibly underpinned by news of US$425 m pretax gain from hotel arm's sale of CDL Hotels (Korea), which owns Millennium Seoul Hilton hotel, for US$627.9 m. "This is positive for both Millennium & Copthorne and City Developments in terms of crystallizing value from their portfolio and recycling capital, and also highlights the undervaluation of hotel assets on their balance sheets," says Deutsche Bank, which has Buy call with $16.40 target for CityDev. DBS Vickers, which also has Buy call with $12.90 target, says divestment will boost M&C's cash position amid tighter global credit situation, bolster its acquisition prowess in Japan, US, Europe. Sale proceeds will be used to fund acquisitions, earn interest income, reduce debt.
DMG cuts target price for CityDev to $11.25 from $11.62, based on 15% discount to RNAV, to reflect impact of higher inflationary pressures, economic headwinds from U.S. Says while developer has robust balance sheet, strong holding power during current weak property demand, there's minimal near-term catalysts as "the buyer-seller situation remains at a stalemate." Adds mixed outlook for group's hotel operations also exerts dampener. Keeps Neutral call.
CityDev has finally launched Shelford Suite today... only for invited guests (me not, happened to drive pass it today). Public launch tomorrow. Anyone with over $1.5m to spare can proceed tomorrow. :)
The boss QLB has been bullish on property despite what hard data showed. He had said also that for Shelford Suite, they can afford to go ahead and build it before launching... backing off from the stand now? hmmm