CMA

CMA: 1Q14 results in line; Net profit improved 3% y/y to $75.3m largely due to better performances from China funds, new contributions from recently-opened Bedok Mall and Westgate, recognition for units sold in Bedok Residences, share of higher rental revenue and lower finance costs of ION Orchard, improved property management fee business in Singapore, partially offset by lower contribution from management fee business in China. Subsequently, revenue rose 5% to $125m. Gearing lowered 0.8ppts to 25.2%. NAV/share of $1.87.