CMA: DB maintains Buy with TP$2.55 on site visit to China. Co intends to invest $2b this yr and recent visit revealed that completed malls enjoy improved operating performance and dev projects are on track…
More active stance on acq with sound execution in China should reverse recent underperformance. Co has aggressive plan to double malls in 3-5 yrs in 6 regions and its “3G malls” should maintain its competitive edge…
Valuations attractive at 16% disc to SOTP of $2.13 and 1.19x P/B on a relatively conservative book value vs. Hang Lung’s 1.42x.
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