Singapore Stock Market News

CapitaMalls Asia - Gradual growth on track

StockFanatic
Publish date: Wed, 30 Oct 2013, 03:53 PM
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3Q same-mall NPI grew a respectable 12% yoy and tenant sales in China, 9.8%, alleviating fears of a consumption weakness. Tenant sales in Singapore were stable, while pre-leasing also inched up. Operational improvements were on track.

3Q13 core EPS was in line, at 23% of our FY13 estimate (9M13 at 76%). Although we lower our FY13-15 core EPS for higher costs, we lift our target price after rolling forward our asset-based valuation. Our target remains based on a 10% discount to RNAV. Maintain Outperform with catalysts expected from further operational improvements.
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