Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

Equity Bottom-Up

<ul>
<li>CDL trades at a 61% discount to its own FY2025 reported RNAV of S$20.16/share, versus a large-cap developer peer average of ~45% and UOL Group's ~41%.</li>
<li>The FY2025 boardroom dispute has substantively cooled: ~S$2bn of contracted divestments, led by the S$465m South Beach stake sale, funded deleveraging and a newly formalised ≥35% PATMI dividend policy.</li>
<li>We believe financial performance will continue to impress with sustained asset recycling and potential special dividends. Our S$10.00 TP is based on 0.50x RNAV (+26% UPSIDE potential). </li>
</ul>


CDL trades at a 61% discount to its own FY2025 reported RNAV of S$20.16/share, versus a large-cap developer peer average of ~45% and UOL Group's ~41%.
The FY2025 boardroom dispute has substantively cooled: ~S$2bn of contracted divestments, led by the S$465m South Beach stake sale, funded deleveraging and a newly formalised ≥35% PATMI dividend policy.
We believe financial performance will continue to impress with sustained asset recycling and potential special dividends. Our S$10.00 TP is based on 0.50x RNAV (+26% UPSIDE potential). 


City Developments Limited — Value Unlock: RNAV Discount Narrowing as Boardroom Overhang Clears