City Developments: Robust Growth and Strategic Divestments Drive Buy RatingWe raise our FY25e PATMI by 20% to account for the announced divestments that are expected to be completed in 2H25, including South Beach, partially offset by FX losses and higher interest expenses. Strong take-up rates of launched projects, together with the accelerated pace of capital recycling/divestments, may help narrow the RNAV discount. CDL declared a special interim dividend of 3 cents, with potential for a special dividend at FY25 results, fueled by divestment proceeds. The Positives + Strong Singapore residential sales and pipeline. The Group and its JV associates sold 903 units, including ECs, with a total sales value of S$2.2bn (1H24: 588 units, S$1.2bn). The surge was driven by the launch of 2025, which has sold 92% of its units to date.