CMA

CMA: 1Q13 results above expectations. Revenue rose 29.1% yoy to $91.5m, mainly due to new contribution from Olinas Mall (acq Jul ’12) and The Star Vista (opened Sep ’12). In addition, CMA received higher project mgt fee as projects achieved targeted milestones, and higher property mgt fee due to opening of new malls. Net profit rose 9.6% yoy to $73.2m, as contributions from new properties and higher share of results from associates helped offset the lack of one-off revaluation gains (nil in 1Q13, vs $32.0m in 1Q12). Excluding the gains, core net profit would have doubled over 1Q12. CMA saw better performances at its properties, CMT, ION Orchard, its China Funds, and better contribution from Minhang Plaza and Hongkou Plaza. Mgt expects its key markets of Singapore, China and Malaysia to perform well in 2013, on the back of healthy tenant sales growth. Notes the malls that opened in 2012 will also start to contribute meaningfully to earnings in 2013. The stock trades at 25.9x annualized 1Q13 P/E, 1.16x P/B.