CMA

CMA: Macquarie maintains O/p, with TP $2.27. Highlights that grp is seeing healthy shopper traffic and tenant sales growth in its retail malls across 5 countries. Expect more acquisitions over the next 12 mths to further entrench its leading position as Asia's owner, operator and manager of retail malls and believe CMA remains attractive, with grp trading close to its book value and at a 35% discount to SOTP valuations.