CMA

CMA: CMA announced 2 acquisition deals: a greenfield project in Qingdao, China, and Olinas Mall in Tokyo, Japan. Recycling of these assets could lift future RNAV. Operationally, upside in NPI yields appears more muted. Meanwhile, capex continues to build up. House lift FY12-14 core EPS estimates for income from Olinas Mall. TP (still at 25% discount to RNAV) remains unchanged as we view impact of this event on share price as net neutral. House maintain Underperform on valuations and recommends switching to CapLand