TCT

TCT: Sias maintains at Overweight, raises TP to $2.30 from $2.21. Revises valuation model to incorporate contributions from the newly acquired Huai Hai Mall. Final settlement price is Rmb 574m, to be funded by S$61.1m of debt. House believes that post acquisition, TCT is likely to reconstruct and reposition the property to a high end retail mall, which would lead to more favorable rental rates…

Projects the asset to generate Rmb 34.3m gross revenue in FY15F, forming 2.5% of total FY15F gross revenue. Tips possibility of more similar deals ahead as share price catalyst.