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BROKERS' TAKE

OCBC, CGS-CIMB lower targets for CDL, cut earnings estimates

OCBC's research team maintains its "buy" call as valuation is still "attractive" while CGS-CIMB has an "add" on the stock

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Besides redeveloping Liang Court into a mixed-used integrated project, CDL is also planning to redevelop Fuji Xerox Towers and Central Mall.

OCBC Investment Research has lowered its fair value estimate of City Developments Ltd (CDL) to S$10.64 from S$10.74 previously, while CGS-CIMB has lowered its target price on the counter to S$10.10 from S$10.13.

CDL shares closed at S$8.42 on Friday, down S$0.04 or 0.47 per cent.

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