Capitaland Mall Trust (CMT): Nomura upgraded the counter to Buy despite a lower TP of $2.18, citing that it is trading at the highest yield of 6.1% since 1H09.
Potential catalysts for re-rating include:
1) A relative lower cost of debt from the number of options available to it;
2) Better operating leverage;
3) Potential accretion from divestment or acquisition options.