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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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.
OCBC has lowered its FY20 forecast for CDL's profit after taxes and minority interests by 21.8 per cent to S$243.9 million, and reduced its dividend payout estimate by 40 per cent to 12 Singapore cents per share this year.
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