CMA

CMA: Daiwa downgrades to Hold from Outperform, TP$1.85 from $2.65. Expects competitive pressures to limit CMA's rental growth despite improving retail metrics. Co lacks share-price catalysts but has limited downside on technical and valuation grounds. Downgrade might have been due to poor showing of recent RMB listing of Hui Xian REIT. CMA has a potential HK listing on the cards which it was reportedly considering to list in RMB.