CMT

CMT: Posts 1Q2011 rev of $154.0m +10.7%yoy and net profit of $82.4m -0.5%yoy. Distributable income rose 3.0%yoy to $73.2m with DPU of 2.3c approx annualised yield of 5.0% slightly lower than DPU of 2.4c in 4Q2010. Higher rev was due to Clarke Quay and higher rental rates achieved…

Rents were 7.5% higher than prev yr and occupancy rate was 99.2% compared to prev quarter at 99.3%. Co has began asset enhancement works in Atrium@Orchard to increase retail space by 6 times by 3Q2012. Works in JCube are progressing well and mall is expected to open in 1Q2012. Co expects improved economic conditions to benefit retail sales in Sg...

Houses maintaining Buy or positive calls include RBS (TP $2.15), Citi (TP $2.00), CS (TP $2.22), JPM (TP $2.15) and UBS (TP $2.06). DB maintains Hold at TP $2.00. Houses maintaining Underweight and Reduce include IIFL at TP $1.55 and MS with TP $1.80