CapitaMalls Asia: Staying The Course; Maintain Buy, TP $2.51
CMA SP | Mkt Cap USD5.5b | ADTV USD11.0m
Ø Reiterate BUY and SGD2.51 TP. CMA has fallen by 11.8% since
Bernanke’s Congressional testimony on 22 May and we see this as an
excellent buying opportunity. CMA continues to be our top-pick in the
Singapore property sector.
Ø The two malls opening in Singapore in 4Q13, Bedok Mall and Westgate,
are substantially pre-committed, with a number of new-to-market brands.
By our estimates, these two malls will contribute ~SGD20m of NPI per
annum on a stabilized basis.
Ø We remain sanguine on CMA’s prospects in China. Besides another 10
malls and two extensions in the construction pipeline, growth will also
be aided by healthy rental reversions.
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