CapitaMall Asia

CapitaMall Asia: Macquarie maintains OutPerform with $2.27 TP. Believe that CMA is attractive, trading at 1.16x P/BV and a 23% discount to valuation of $2.27. Add that the well-managed grp has an established retail platform in Spore and China and growing presence in Malaysia and is looking to make new investments to enhance and entrench its platform, which should result in further book value expansion.