Analysts from CGS-CIMB Research, OCBC Investment Research (OIR) and RHB Group Research have maintained their “buy” calls on City Developments Limited (CDL) after the property group posted a net loss of $1.92 billion in the FY2020 ended December, which came in lower than expectations across the board.

The loss is dragged by lower performance across the group’s business segments, impairment losses for its hotels and investment properties, allowance for foreseeable losses for development projects, and most notably, a $1.78 billion impairment loss on CDL’s joint venture (JV) investment in Sincere Property Group.

At the same time, the analysts from CGS-CIMB, OCBC and RHB have reduced their target price estimates to $8.97 (from $10.10), $9.12 (from $9.65) and $8.70 (from $9.50) respectively, to factor in the group’s write-down in Sincere.

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