CapitaMalls Asia

CapitaMalls Asia: JPMorgan upgrades to Overweight from Neutral, maintains target price at $2.60. Notes stock now trading at undermanding 14% discount to SOTP valuation. Suggests acqn momentum likely to pick up in near term with at least another $500m from excess capital likely to be used by year end, adding to possibility of continued RNAV upgrades. However, stocks appears to have overstretched itself recently with overbought indicators likely to cap any near term upside.