CMA

CMA: Co is looking to invest $2.0b in new projects this year. With $1.4b in cash and zero net gearing, co is looking for sites in Sg, Msia and China. Intends to grow its portfolio in China from current 53 malls to 100 in nxt 3 to 5 yrs…

Sees room to for mall values to grow due to low S$200 psf gfa in China compared to Sg’s S$1057 psf. Ion Orchard, in which CMA has a 50% stake, is potentially up for divestment although no details were mentioned and the stake is valued at more than $2.5b…

As of Sept, China consisted of 34% of CMA’s $21.6b property value. CMA last traded at $1.87, down 26.6% from its peak at the start of last yr, currently trades at 1.33x P/B, hist avg 1.54x P/B.