OCBC Research starts CMA as Buy with $2.40 target price, pegged at parity to RNAV estimate. Views retail mall owner cum developer as good proxy to Asia's rising consumer spending story. Notes income stream stable, with sponsorship from parent CapitaLand offering opportunities to participate in non-retail properties, such as integrated developments; adds CMA will appeal to investors who are looking for possible capital appreciation.
Recent proposal to list its Malaysian mall on Bursa Malaysia will speed up its expansion as retail mall ownership in Malaysia is highly fragmented giving it the opportunity to acquire retail malls from individual owners and establish itself as a leading player in the retail property segment in M'sia.
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