CapitaMall Asia: IIFL reiterate Add with $2.24 TP. Tip grp as proxy to China consumer, offering exposure to China’s suburban retail consumption story, which is more favourable compared to the cloudy outlook for the residential sector over the nxt 2yrs. Add that CMA has executed its strategy well, and saw significant operational improvement in key assets (FY10 occupancy rate of 95% and NPI growth of 19% YoY, for China malls) during recent site visits….
Valuations are compelling, with grp currently trading at 1.1x FY11E P/B ratio, lower than its SG peers of 1.25x, and Hang Lung 1.37x.
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