CMA

CMA: Rev in-line with consensus estimates but lack of revaluation gains this quarter.3Q rev at $66.9m +57.3% yoy +6.4% qoq but net profit fell 30.3% yoy to $36.5m, also down from prev quarter’s $164.9m. Net profit was depressed due to an absence of revaluation gains ($7.0m in 3Q2010, $67.6m in prev quarter), higher fees of $4.7m from listing in HK and a $4.0m exchange loss from a strengthening S$ to Rmb. Of note, higher rev came from China at $29.0 +23.6% qoq +160.9% yoy. Singapore (41% of rev share) and China (43%) continue to be the top 2 contributors to rev.

Co cautions growth could be weighed down from global economic conditions although Sg retail sales index continues to show positive growth of 7.4% yoy in Aug 2011 and remains positive on China’s prospects with retail sales growth of 17.0% yoy in Aug 2011.

CMA has NAV of $1.50, a current P/B of 0.8x