0233 GMT - City Developments' issues regarding board independence and corporate governance have cast a shadow on its medium-term outlook and potential next steps, says RHB Singapore's Vijay Natarajan. The brokerage downgrades the stock's rating to neutral from buy and trims its target price to S$4.75 from S$7.30. The property developer's share price has underperformed in the past few years amid weak return on equity and an asset-heavy strategy, which resulted in high interest costs, the analyst writes in a note. However, he thinks a major shake-up could unlock value, citing catalysts including a complete revamp of the board and strategy with additional safeguards in place. Shares are 0.6% lower at S$4.97.(amanda.lee@wsj.com)
(END) Dow Jones Newswires
March 03, 2025 21:33 ET (02:33 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。