"However, this was overshadowed by news of a very public leadership tussle," says Loh. "While the company has extremely valuable assets in Singapore and globally, we believe the stock will likely find it difficult to perform given this overhang," adds Loh.
The ongoing saga at City Developments did not give further reasons for analysts to cheer. Even as they expressed hope for positive outcomes from the boardroom-cum-family dispute, they have downgraded their calls and reduced their target prices.
UOB Kay Hian's Adrian Loh, in his Feb 27 note, downgraded the stock from "buy" to "hold", as he points out that the FY2024 numbers missed both his, and consensus' estimates.
