CMA: Macquarie hosted grp in latest road and positive on earnings inflection in FY12. House maintains O/p with $2.19 TP. Believe grp’s extensive retail network in Asia offers a significant advantage in lease management, which should help to drive shopper traffic and tenant sales.
Catalyst: China malls to show earnings inflection in 2012. More accretive investments across Asia. Believe CMA offers more than just a retail real estate exposure; it is also an Asian (China in particular) consumption play. Think that the market has underestimated the strength of its retail network, which is expected to drive overall NPI growth across its malls via increased occupancy rates.
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