Retail SREITs: Disruption a clear and present danger. CLSA reiterates Negative stance
- Ecommerce playing a clear disruptor for retail malls and there is little that landlords can do to fight it
- Existing efforts of tenant remixing, improving events/promotions, and changing lease structures are insufficient
- Retail landlords to continue to suffer
- Top Sell calls: CapitaMall Trust (Sell, TP: $1.82) and Suntec REIT (Sell, TP: $1.38)
- Top Buy: Mapletree Greater China Commercial Trust (Buy, TP: $1.08), Mapletree Commercial Trust (Outperform, TP: $1.46)
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