Stock Name: CapitaMall
Company Name: CAPITAMALL TRUST
Company Name: CAPITAMALL TRUST
| Research House: Citigroup | Price Call: BUY | Target Price: 1.95 |
Citi upgraded Singapore’s shopping mall owner CapitaMall Trust (CMLT.SI) to buy from neutral and reduced its price target to $1.95 from $2.00.
By 10:30 a.m., CapitalMall Trust shares were flat at $1.745. The shares have fallen about 14% last year.
By 10:30 a.m., CapitalMall Trust shares were flat at $1.745. The shares have fallen about 14% last year.
Citi said CapitalMall Trust shares now offered an attractive estimated yield of nearly six percent, making its valuation look attractive, after its shares fell 10% since last September.
Citi, however, cut its price target to reflect the mall owner’s fourth-quarter results. It said overall occupancy fell to 94.8% as of December 31, down from 96% in the previous quarter, primarily due to asset enhancement works at some of its properties.
Other current asset enhancement works are on track and CMT expects to inject about $15.6 million at Clarke Quay for works with an expected return on investment of 13%, Citi said.
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