CMT

CMT: Maybank KE reiterates Buy with TP $2.36, says CMT remains one of its top picks amongst the S-REITs. The house sees catalysts in announcement of AEI plans pertaining to Tampines Mall and/or Funan to be announced soon, while ION Orchard remains a medium-term acquisition possibility following its recent round of rental reversions. Notes over the longer term, CMT remains well-positioned to capitalize on accelerated development at the Jurong Lake District via its three malls – Jcube, IMM and Westgate. In the longer term, the three strategically-located malls will further benefit from a larger catchment area with the development of Tengah New Town, facilitated by greater connectivity from the future Jurong Region MRT Line.