Friday, 20 April 2012

CIMB Research maintains Outperform on CMMT, target price RM1.65

KUALA LUMPUR (April 20): CIMB Research has maintained its Outperform recommendation on CapitaMalls Malaysia Trust (CMMT) at RM1.38 with a target price of RM1.65.

In a note Friday, CIMB Research said that at 25% of the research house’s 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,” it said.

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