Stock Name: CapMallsAsia
Company Name: CAPITAMALLS ASIA LIMITED
Phillip Securities Research in a Aug 19 research report says: "CMA announced that it has entered into conditional agreements to acquire the remaining 50% stakes each in Minhang Plaza and Hongkou Plaza in Shanghai for about $949.7 million in total.
"CMA's post-acquisition effective stakes in the properties will be 65% (previously 15%) and 72.5% (previously 22.5%) respectively. We adjust our estimates to factor in the acquisitions and RNAV is increased from $1.94 to $2.07.
"However, we ascribe a higher discount to RNAV of 15% (previously 10%) to reflect the current uncertain market sentiment due to concern over the Euro zone debt crisis and health of the US economy. Consequently, fair value is raised marginally from $1.75 to $1.76, representing a potential upside of 49.8% to its latest closing price. MAINTAIN BUY."
Company Name: CAPITAMALLS ASIA LIMITED
| Research House: Phillip Securities | Price Call: BUY | Target Price: 1.76 |
Phillip Securities Research in a Aug 19 research report says: "CMA announced that it has entered into conditional agreements to acquire the remaining 50% stakes each in Minhang Plaza and Hongkou Plaza in Shanghai for about $949.7 million in total.
"CMA's post-acquisition effective stakes in the properties will be 65% (previously 15%) and 72.5% (previously 22.5%) respectively. We adjust our estimates to factor in the acquisitions and RNAV is increased from $1.94 to $2.07.
"However, we ascribe a higher discount to RNAV of 15% (previously 10%) to reflect the current uncertain market sentiment due to concern over the Euro zone debt crisis and health of the US economy. Consequently, fair value is raised marginally from $1.75 to $1.76, representing a potential upside of 49.8% to its latest closing price. MAINTAIN BUY."
No comments:
Post a Comment