CMT

CMT: DBS maintains Buy with TP$2.05. with yday results in line with expectations.Co recorded revaluation gains of %85.2m and 10 bps cap rate compression. Highlights strength of balance sheet at 38.2% gearing with a new debt facility which offers cheaper funding and extends avg debt maturity from 2.6 to 3.6 yrs. Expects occupancies at Atrium@Orchard and Illuma to fall as AEI works intensify. House forecasts yield at 5.1% and 5.6% for FY11 and FY12.