SINGAPORE (May 14): DBS analysts Rachel Tan and Derek Tan, as well as CGS-CIMB analyst Lock Mun Yee are maintaining their “buy” call on Frasers Property, but with a reduced target price.

The analysts from both brokerages now value FPL at $1.70. DBS previously rated FPL at $2.05 while CGS-CIMB’s previous target price was $1.76.

Both brokerages cited the company’s “higher gearing, dividend cut, and potential headwinds caused by Covid-19”, and lower-than-expected earnings for 2Q20 and 1HFY20 respectively, as reasons for lowering their target prices.

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