Stock Name: CMMT
Company Name: CAPITAMALLS MALAYSIA TRUST
Target RM1.65
At 25% of our full-year estimate, CMMT's 1Q12 results were within expectations, helped by the first full quarter of contribution from East Coast Mall, asset enhancement initiatives for Gurney Plaza and higher rental rates for renewed leases. We continue to use DDM to value CMMT. The stock remains an Outperform as it is well-supported by attractive yields of >6%. CMMT is our top pick among the REITs. Rerating catalysts are 1) a potential >23% increase in NLA for East Coast Mall, and 2) asset enhancement initiatives.
Source: CIMB Daybreak - 20 April 2012, Full PDF Report
Company Name: CAPITAMALLS MALAYSIA TRUST
| Research House: CIMB | Price Call: BUY | Target Price: 1.65 |
Target RM1.65
At 25% of our full-year estimate, CMMT's 1Q12 results were within expectations, helped by the first full quarter of contribution from East Coast Mall, asset enhancement initiatives for Gurney Plaza and higher rental rates for renewed leases. We continue to use DDM to value CMMT. The stock remains an Outperform as it is well-supported by attractive yields of >6%. CMMT is our top pick among the REITs. Rerating catalysts are 1) a potential >23% increase in NLA for East Coast Mall, and 2) asset enhancement initiatives.
Source: CIMB Daybreak - 20 April 2012, Full PDF Report
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