CMA

CMA: is down 4.2% at $2.08, the worst-performing STI component despite reporting 4Q12 revenue nearly doubled to $113.6 m; net profit for the period fell 10% on-year to $184.8m on lower fair-value gains. Religare says, "it's not about the earnings". Notes the stock has done well; it's just that there aren't any more catalysts on the stock to go forward except for the net profit to go up. Questions, "how do you realize value in CMA? It's not an earnings play. If you want an earnings play, you pick up a REIT." Notes CMA isn't looking to recycle its assets and it isn't paying a dividend; says "might as well buy CRCT " . Notes, people were saying CMA is a good buy because they were finding ways to monetize their capital value, but the house doesn't see that happening. Even at current levels, the stock is still up more than 7% ytd , after surging 71.7% in 2012; $2.00 may offer psychological support near-term.