CMA: Nomura Reiterate Buy with TP $2.23. Note that concerns overdone with zero value ascribed to management business and current share price ignore the value of its assets in Malaysia, Japan, India as well as its mgt business. Conservative valuation of its assets mitigates a cautious outlook for property values in China…..
House see 2011 as a period of transition from expectations of higher new retail supply and rising vacancy and lower rents/lower growth expectations to a period of increased selectivity among retail operators in mall selection. Valuation reflects the inherent value of the group's real estate assets, with a more cautious view on its SG retail assets and asset mgt business.
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