SPH

SPH: Annouced that its 60% owned Clementi Mall is fully leased ahead of project completion, with half of its tenants opening for business today and remaining tenants following soon. Devt has 190k sqft of retail space. NTUC Income Insurance and NTUC FairPrice holds 20% stake each in the mall. We note that majority of street has a Neutral call on grp with a mean TP of $4.33. At current price, grp trades at 15.3x FY11E P/E vs historical average of 14x, suggesting that grp is fairly valued.