$CityDev (C09.SG)$ I agree with most of writer's point excep...

I agree with most of writer's point except that we cannot trade a stock based on RNAV and that CDL's current valuation based on latest Balance Sheet is below its current share price. Furthermore, CDL's operating is dismal at best and its high debt/gearing is really an alarm bell esp in such a high interest rate environment though rates should come down soon but it will probably still hover at quite a high level. I am not sure if Sherman is a bright business man and we cannot blame a CEO for property cycles but we can certainly judge the CEO and his team's reaction (/problem solving skills) to navigate company out of distress environment. He failed his first major test in the Sincere Saga and if he mismanages this again, it will certainly create doubts if he is a suitable CEO to lead CDL