CMA

CMA: Credit Suisse follows up on its positive China shopping malls sector report published a few wks ago. Notes that in Tier 2 cities, shopping malls (retail sales +15% yoy) are also outperforming department stores (retail sales -10% yoy) and taking market share. Highlights CMA’s recently opened Raffles City Chengdu has managed a near 100% occupancy quickly, with relatively strong foot traffic and sales. Believes the success of Raffles City Chengdu is also an example that shows that 2013 may be the harvesting period for CMA, as many newly opened malls should start contributing strong rental income. Keeps CMA at Outperform, with RNAV at $2.51.