CLSA downgrades Tat Hong (T03.SG) to Underperform vs Outperform on limited upside to $1.06 target, few catalysts near term, according to Dow Jones.

CLSA says crane company’s outlook stable but unexciting; “the project pipeline is healthy but with timelines outside Tat Hong’s control, and with cost issues affecting the Chinese business, we reserve our enthusiasm.”

Research house adds, number of large projects in Australia facing delays, while competition also increasing. Also says, Tat Hong grappling with management issues at some China subsidiaries; “while the company is clearly making efforts to bring the house to order, this is taking longer than expected. And in our view, until these issues are resolved, it will be difficult for Tat Hong to focus single-mindedly on growing its franchise and fleet in China.”

Shares off 2.5% at $0.995.