CMA

CMA: Maybank-KE reiterate BUY with $2.51 TP. House note that CMA has fallen by 11.8% since Bernanke’s Congressional Testimony on 22 May and see this as an excellent buying opportunity. CMA continues to be house top-pick in the Singapore property sector. The two malls opening in SG in 4Q13, namely Bedok Mall and Westgate, are substantially pre-committed, with a number of new-tomarket brands. By house estimates, these two malls will contribute ~SGD20m of NPI per annum on a stabilized basis. House remain sanguine on CMA’s prospects in China. Besides another ten malls and two extensions in the construction pipeline, growth will also be aided by healthy rental reversions.