CMA

CMA: CIMB maintains O/p with TP $2.30. Note that recent ground checks on CMA’s retail malls in China reinforce view that asset management remains its edge over local developers. Asset build is on track, footfalls are encouraging and more malls are maturing. Expect its operational metrics to improve in FY14-15. Tweak FY13-15 core EPS by 1-2% and nudge up our target price (still based on 10% discount to RNAV) for slightly higher rental estimates after our China trip. Reiterate Outperform rating, with rental yield improvements and potential asset recycling being the catalysts.