Stock Name: CapitaMall
Company Name: CAPITAMALL TRUST
Company Name: CAPITAMALL TRUST
| Research House: CIMB | Price Call: BUY | Target Price: 1.93 |
Target S$1.93
CMT could start reaping the fruits of its labour this year from a few major AEI completions. These would include the newly-opened JCube and its upcoming Atrium@Orchard and Iluma. Our JCube visit and strong tourist arrivals leave us confident of its performance this year. We adjust DPUs by -1% to +3% on housekeeping matters but keep our DDM target price (discount rate: 8.6%). Maintain Outperform for its exposure to resilient mall spending, with upside from strong city malls and higher-than-expected ROIs from AEI.
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