DBS tops $47 in all-time high; CDL up on news of Philip Yeo leaving

All eyes on property revitalisation firm Lum Chang Creations' Catalist debut this week

- Tay Hong Yi

Shares of DBS Bank crested an all-time high of $47.05 on July 18 before ending the week slightly lower at $46.99.

More than 4.2 million DBS shares changed hands that day, when Singapore's largest bank was named World's Best Bank by Euromoney for the third time since 2019.

Just a day earlier, on July 17, RHB analysts in a research report reiterated their "buy" call on DBS with a $47 target price.

However, they also warned of increased share price volatility for DBS, citing the bank's large loan book and the elevated valuation of its shares compared with their book value.

Another stalwart of the Straits Times Index, City Developments Limited (CDL), jumped 6.3 per cent on July 16, following news that long-serving director Philip Yeo would step down from the board.

The veteran former civil servant's last day with CDL will be July 31.

The move marks a turning point in the uneasy stalemate between chief executive Sherman Kwek and his father, Mr Kwek Leng Beng, with whom Mr Yeo had been aligned in a feud on board composition and corporate governance.

Observers said the move could be a step towards unlocking greater shareholder value as the younger Mr Kwek will be able to chart the company's direction more assertively.

CDL's shares closed on July 18 at $5.90, up 8.7 per cent through the week.

CENTURION REVEALS PLANS FOR NEW REIT

Shares of Centurion Corp closed the week at $1.73, down more than 6.4 per cent from the all-time high of $1.85 on July 14.

The accommodation provider last week moved ahead with plans to list a real estate investment trust (Reit) on the Singapore Exchange (SGX) mainboard.

It announced on July 14 the name of the Reit - Centurion Accommodation Reit - and an initial portfolio of 14 properties that Centurion will divest from its books as the Reit sponsor.